Merger cleared by US Department of Justice News
// January 15, 2001
Transocean Sedco Forex and R&B Falcon Corporation have confirmed that the US Department of Justice has verbally informed both companies that it hascompleted its anti-trust review of the proposed merger of the two companies andterminated the waiting period under the Hart-Scott-Rodino Anti-trustImprovements Act of 1976.
The Department of Justice did not impose any terms or conditions on its decision not to take any enforcement action regarding the transaction. The companies also reported that regulatory filings in the United Kingdom and Brazil remain under review.
On August 21 2000 Transocean Sedco Forex announced that it had signed a definitive agreement to merge with R&B Falcon in an all-stock transaction inwhich common stockholders of R&B Falcon will receive a fixed ratio of 0.5 shares of newly issued Transocean Sedco Forex ordinary shares for each R&B Falcon share.
The transaction is expected to close during the first quarter of 2001.
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