Seadrill forces Ensco out of Scorpion race

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Tan Hwee Hwee

 31 May 2010 02:13 GMT

Norwegian company Seadrill is the only bidder left in the running for Scorpion Offshore, having raised its offer twice and forcing New York-listed Ensco International to pull out from the race.

Ensco said it would abandon its takeover attempt after Seadrill advisor Pareto Securities said Seadrill would increase its bid to Nkr40.50 ($6.26) per share.

On Friday, the Norwegian driller raised its bid for Scorpion twice.

The companies had been engaged in a bidding war for Scorpion Offshore.

It was still unclear if Seadrill's conditions of reaching 50% ownership in Scorpion had been fulfilled.

Ensco launched a recommended tender offer of Nkr39.50 per share on Thursday aimed at winning control of Scorpion Offshore and trumping an earlier bid from Seadrill, which owns about 40% of Scorpion.

Seadrill…

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