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Nicolette Davey and Paul Hodkinson
23 May 2008
A bidding war has broken out for oilfield-services group Expro International Group after buyout group Candover and trade rival Halliburton both submitted bids for the company.

A consortium led by Candover Partners announced a £1.73bn (€2.17bn) bid today shortly after Halliburton made a £1.7bn proposal.

Expro said in April that it had accepted a £1.6bn share offer from Candover together with buyout firms Goldman Sachs Capital Partners and Alpinvest Partners.

The Wall Street Journal reports the bid battle comes amid soaring energy prices and rising demand in the sector. Analysts, who expect more merger and acquisition activity in the sector, believe the rising cost of raw materials, drilling rig rental and skilled labor shortages have contributed to the sharp rise in the price of oil.

JP Morgan Cazenove is Expro's financial adviser.

Expro shares closed at £15.41 on Thursday, valuing the company at £1.7 billion. The shares are up 49% since January and 74% over the past 12 months, underpinned by the sector's strong trading performance.
 

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