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Fly News Breaks for August 26, 2015
SDRL, BRGYY, RDS.A, BHI, HAL, SUBCY, SAPMY, CGG
Aug 26, 2015 | 10:57 EDT
With Schlumberger (SLB) agreeing to acquire Cameron (CAM), which follows the Halliburton (HAL)-Baker Hughes (BHI) and Shell (RDS.A)-BG Group (BRGYY) deals, JPMorgan said it expects "beaten-down" European services stocks to get a short-term boost as investors speculate which companies could be the next target. The firm identifies CGG (CGG), Saipem (SAPMY) and Seadrill (SDRL) as OFS companies with financial troubles that could benefit most from recapitalization or a tie-up with a larger player. The firm also notes that Subsea 7 (SUBCY), along with CGG and Saipem, are among the "largest beneficiaries" of the speculation boost, which it said "seems apt to us."
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