Robbins & Myers Takeover Gives a Lift to Others
National Oilwell Varco Inc. agreed to make its biggest acquisition in four years yesterday and the Houston-based company is still in the hunt for more deals, its chief financial officer said yesterday.
“We want to continue to work on opportunities,” Clay Williams said in an interview, declining to specify size of deals still being considered.
The largest U.S. maker of oilfield equipment agreed to buy Robbins & Myers Inc. for $2.54 billion in cash yesterday, its third biggest takeover. Robbins & Myers makes blowout preventers, among other products for the oil industry.
The deal gave a lift to three other stocks in the sector. Shares in two pump makers, Lufkin Industries Inc. and Gardner Denver Inc., each climbed about 4 percent yesterday and oil field service provider Weatherford International Ltd. closed up about 3 percent. The Standard & Poor’s 500 Index rose 0.04 percent yesterday.