Saxon In Takeover Talks With Schlumberger & First Reserve

April 2008 | M&A News Alert

Alberta, Canada-based Saxon Energy Services confirmed on April 21 that it is in negotiations to be taken over by Schlumberger, an oil services company, and First Reserve Corp, an energy-focused private equity firm. Saxon made a statement to explain the recent jump in its share price and 'speculation regarding a potential acquisition'. The company continued by stating that 'no acquisition agreement has been entered into' and that the negotiations may not lead to any acquisition. Saxon, an oil well drilling company, is worth around CAD592mn (US$589mn). Saxon's stock, which is listed on the Toronto Stock Exchange, rose 13% last week

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