Wellstream rejects £755m bid from GE

first_img John Dunne More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Share Tags: NULL US conglomerate General Electric said a £755m takeover approach it made to oil services company Wellstream had been rebuffed by the firm.General Electric, confirming itself as the mystery bidder, said it made a proposal at 750 pence per share in cash, substantially less than the current value of Wellstream’s shares which closed at 780 pence on Tuesday.“GE is disciplined in its acquisitions, and as such, there can be no certainty that it will take any further action,” said the suitor in a statement.Wellstream makes flexible pipes used by oil companies in deep water and has a manufacturing facility in Brazil which is seen as a key attraction for potential buyers as the country is keen for locally produced materials to be used in extracting its billions of barrels of oil reserves.Shares in Wellstream have risen 28 per cent to their highest level for two years since the company said in September it had received several bid approaches. Show Comments ▼ Wednesday 6 October 2010 3:08 am whatsapp whatsapp Wellstream rejects £755m bid from GE last_img