Deals
Weatherford Quits $1 Billion Offering for Deals in Fast Reversal
- Analysts said funding was earmarked for Halliburton assets
- Passing up acquisitions may prove better for investors
This article is for subscribers only.
Within hours of Weatherford International Plc’s announcement that it would raise $1 billion in a move some analysts linked to interest in making a bid for Halliburton Co. assets, the oilfield services provider pulled a U-turn.
"While investor interest was strong for this offering, we are unwilling to sell securities at prices that do not reflect the value we have created at Weatherford," the company said in a statement late Monday. Weatherford "continues on its resolute course of focusing on its core businesses and the efficiency of its operations."