National Oilwell Varco to Appeal Decision of Competition Authority
National Oilwell Varco, Inc. announced that the Norwegian Competition Authority (NCA) has issued a formal objection to the merger of National-Oilwell, Inc. and Varco International, Inc...
... with respect to the Company's Norwegian businesses, unless the Company divests certain Norwegian subsidiaries owned by National Oilwell prior to the merger, which conduct business related to the sale and maintenance of drilling equipment.
The merger between National Oilwell and Varco was completed on March 11, 2005, and, except for the NCA approval, all regulatory approvals, including approval from the Antitrust Division of the United States Department of Justice, have been granted.
National Oilwell Varco strongly disagrees with the assessments made by the NCA and will promptly appeal this decision, which impacts only Norwegian operations. The Company believes that the merger is in the best interests of all customers and employees, including those in Norway, and that it can resolve matters with the relevant Norwegian government authorities without any material impact on the business or operations of the Company.
National Oilwell Varco (NYSE:NOV) is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.
Source: NOV, Inc.