cosl snaps up awilco in $2.5bn swoop

wire services

hong kong-listed china oilfield services ltd (cosl), a unit of china offshore oilfield corporation ltd (cnooc ltd) is to buy norwegian driller awilco offshore for nkr12.7 billion ($2.5 billion).

the offer, of nkr85 per awilco share, represents an 18.7% premium over the company’s closing price on friday and 42.4% over its price on 29 may this year, when awilco disclosed it was in talks with a bidder, cosl and awilco said in a joint statement.

awilco’s board of directors had recommended the offer and majore shareholders