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Updated from 10:50 a.m. EDT
Transocean (RIG Quote) and GlobalSantaFe (GSF Quote) agreed to merge, creating an oil driller with an enterprise value of $53 billion.
The Houston-based combined company will be known as Transocean and will be led by Transocean's current chief, Robert Long. GlobalSantaFe chief Jon Marshall will become president and operating chief.
Shareholders of Transocean will receive $33.03 in cash and 0.6996 shares of the combined company for each share of Transocean they own. GlobalSantaFe shareholders will receive $22.46 in cash and 0.4757 shares of the combined company for each share of GlobalSantaFe they own. ...
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