McDermott is overseas and offshore. Cbi is onshore. McDermott needs an engineering dept. Cbi has one. Tech is worth a Mint. This new company will get a new name. Be more robust and provide way more than cbi alone without tech. It’s a win win.
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Our Engineering is mediocre at best
I feel positive about this though. I hear frustration here but I am positive.
CB&I engineering department is a pathetic one, straight from the directors to managers. Their version of ethics is very different than what is on books.
They purchased the worst managed so called engineering company what a joke!
Take it from a 40 year veteran of the Best Fluor
They are calling it a $6 billion deal. With 2 companies at $2B each market cap the other $2 is coming from new debt or refinanced debt negotiated by the new entity. So you have 2 poorly managed companies leveraged to the max. PM is out, it’s a buyout at 53%.
Purchase is better than merge as MCD management will have better say while taking decisions in the future. Just hoping they take the charge with a strong will and confidence for improving things like they have recently shown within MCD.
Earlier articles called this deal a merger. More recent are calling it a McDermot purchase of CBI. I’m no rocket scientist but I believe there’s a big difference between the two. So what exactly is the deal?
In reality. You may want to read and learn about how mergers work and what all stock means.
McDermott President and Chief Executive David d---son will serve as CEO of the combined company, which doesn't yet have a new name.
As I read, the new company will be called McDermott. It is not a merger in reality, it is a purchase.