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Update: Transocean Sedco to Buy R&B Falcon
Updated from 11:09 a.m. EDT
In a deal that will create the world's third-largest oil services company, Transocean Sedco Forex(RIG Quote) announced Monday that it would acquire R&B Falcon(FLC Quote) for stock valued at about $5.8 billion.
The combined company will be the industry's largest offshore drilling contractor, with an equity market capitalization of $17.7 billion. Company officials said that the transaction should immediately add to the Houston-based company's cash flow, and that it would be "modestly" dilutive to earnings per share in 2001, but add to them thereafter. ...
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