Robbins still expects to close sale this year

Despite added review, Robbins still sees $2.5B sale to National Oilwell closing this year

Associated Press

HOUSTON (AP) -- Robbins & Myers Inc. still intends to close a $2.5 billion sale of the company to National Oilwell Varco Inc. by the end of the year, despite additional regulatory review of the deal.

However, Robbins & Myers said Friday that both companies were gathering and submitting the information requested by regulators and completion of the sale could slip into 2013.

National Oilwell Varco makes equipment for production of oil and natural gas. Robbins & Myers makes pumps and other equipment that control the flow of oil and gas in drilling operations.

National Oilwell announced in August that it would buy Robbins & Myers for $60 per share, a 28 percent premium over the target company's closing price the day before the deal was announced.

This month, Robbins announced that it received a second request for information from antitrust regulators at the U.S. Justice Department.

National Oilwell shares fell 31 cents to close at $74.57, while Robbins lost 22 cents to $59.28.

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