(updates with Schlumberger bid extension; Eastern Echo's rejection)
PARIS (Thomson Financial) - CGGVeritas said it has bought a 12.67 pct stake
in Norway's Eastern Echo Holding PLC for 431 mln eur.
In a notification to the Oslo Stock Exchange, CGGVeritas said it bought 30.9
mln Eastern Echo shares on Friday, with the aim of securing the best position
for the company, especially its Sercel business, in continuing cooperation with
Eastern Echo in the expanding seismic market.
Eastern Echo is the target of a 12 nkr per share takeover bid from
Schlumberger, which today announced it was extending the offer period until 10
pm tonight.
Last Thursday the US company lowered the acceptance threshhold to 50.1 pct
from 67 pct.
Eastern Echo has rejected the bid as too low and said it believes a fairer
valuation of it would be above 20 nkr per share.
Andrew.Newby@Thomson.com
an/vs/an/vs
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