Wednesday, Jul 06, 2011
DUBAI (Zaywa Dow Jones)--Saudi Arabian Amiantit Co. (2160.SA) confirmed Wednesday that Ameron International Corp. (AMN), its U.S. partner, has agreed to sell its entire stake in ventures with the Saudi company to National Oilwell Varco Inc. (NOV).
National Oilwell Varco Monday agreed to buy Ameron in a $722 million deal.
Ameron has stake in three ventures with Amiantit, the Saudi pipe manufacturer said in a statement posted on the website of the Saudi bourse Wednesday.
The U.S. company owns 30.3% of Ameron Saudi Arabia; 40% of Bondstrand, through its wholly owned subsidiary Ameron ME; and it owns a direct stake of 17.4% in Saudi Arabia Concrete Products, or Sacop, as well as an indirect stake in Sacop of 23.82% through Ameron Saudi Arabia.
Amiantit shares closed 0.55% down Tuesday at 18.15 Saudi riyals ($4.84).
-By Angus McDowall, Dow Jones Newswires; +971-4-446-1685, angus.mcdowall@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
06-07-11 0639GMT
