Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Broken_Clock who wrote (13639)	3/4/1998 9:37:00 PM
From: The Perfect Hedge	Read Replies (1) of 95453

Looks like the Big boys thought WII went for too little: >> Oil prices dropped to $15.07 today as Venezuela said that it would not join an emergency OPEC meeting that would discuss cutting back oil production. This halted the rally in the oil service stocks. Then EVI Inc. (EVI) announced that it was buying Weatherford Enterra (WII) through a stock swap. However, it was for a lower price then people were expecting (on a cash flow basis) which sent this sector further down. Regardless, this move should encourage further consolidation in this industry. Moreover, someone else might make a hostile bid for WII given this low bid by EVI.<<GD From Lab puppy.

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