http://www.businesswire.com/news/home/20160707005434/en/National-Oilwell-Varco-GE-Oil-Gas-Cooperate. Just a matter of time.
4 replies (most recent on top)
If you think NOV sucks, you have no idea what a combined GE / NOV would be like.
Lol Schlumberger had the Intelliserv joint venture with NOV. They realized how sh--ty NOV is and then slowly backed away. Schlumberger started One Subsea with Cameron and now Cameron is a part of Schlumberger. Can't wait to see how NOV's terrible management strategy kills this joint venture with GE
Nice little press release that doesn't mean much until either GE or NOV wins a some big FPSO contracts.
Then the test will be to see if these 2 companies can actually work together since they will still be independent suppliers on any projects they service. And we all know how these strategic alliances typically play out (not the best for the smaller player 'NOV') This little "pro-forma joint venture" will either go 1 of 2 ways.
1) They play nice together and lead to some good business and profits and GE will finally offer to pay closer to the premium that NOV has been quietly demanding but has not happened yet because it is unrealistic in the this current market or
2) They don't work well together and just piss each other off, but more importantly piss off GE causing the acquisition price to finally come down to something more realistic that GE is will to pay for NOV.
*Either way this is the first step to GE finally buying out NOV. Too bad it has taken so long for NOV shareholders.
They aren't buying NOV, you dipshit! Read the story. When they realize the dimwits than run this company they'll drop that business venture.