Antitrust waiting period ends in pending Transocean, GlobalSantaFe merger

By Lisa Kerner

Charlotte, N.C., Sept. 20 - The Federal Trade Commission and the Department of Justice granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Transocean Inc. and GlobalSantaFe Corp.

The companies believe the transaction will be completed by the end of 2007, subject to shareholder approval, according to a company news release.

On July 23, the boards of directors of Transocean and GlobalSantaFe unanimously approved a merger of equals of the two Houston offshore drilling contractors. Under the agreement, Transocean shareholders will receive $33.03 in cash and 0.6996 of a share of the combined company for each share of Transocean. GlobalSantaFe shareholders will receive $22.46 in cash and 0.4757 of a share of the combined company for each share of GlobalSantaFe.

If was previously reported that shareholders of both companies will receive a total of $15 billion in cash financed by affiliates of Goldman, Sachs & Co. and Lehman Brothers Inc. The total estimated enterprise value of the combined company, to be known as Transocean Inc., will be approximately $53 billion. The Houston-based company will trade on the New York Stock Exchange under the symbol "RIG."

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