4 Sept 2001business combination▲ GoodMajor
Santa Fe International (the company, soon to be renamed GlobalSantaFe) agreed on August 31, 2001 to merge with Global Marine Inc. in a stock-for-stock deal: each Global Marine share converts into 0.665 Santa Fe ordinary shares. Santa Fe shareholders keep their shares and would own about 49.4% of the combined company, with Global Marine holders about 50.6%. Kuwait Petroleum Corporation, which holds about 37.7% of Santa Fe through SFIC Holdings (Cayman), agreed to vote in favour and not to solicit a competing deal. Closing needs shareholder approval at both companies and antitrust clearance, and is expected by year-end 2001.