Halliburton offers $3.4 bln for Expro, tops Candover

LONDON (Reuters) - British oil field services firm Expro International, which agreed to a takeover in April, said it had received a higher approach worth 1.7 billion pounds ($3.4 billion) from U.S. rival Halliburton.

Fast-growing Expro said the proposal from Halliburton, the world's second-biggest oil services company behind Schlumberger (SLB.N: Quote, Profile, Research), was pitched at 1,525 pence per share and subject to conditions.

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Oil and gas industry services providers such as Expro have benefited as record energy prices prompt companies to boost spending on exploration and development of reserves.

This has attracted bidding interest from private equity firms and trade buyers for oil field services firms, with the tussle for Expro following other deals in the sector.

On April 17, Expro agreed to a bid of 1.61 billion pounds worth 1,435 pence per share from funds managed by private equity firm Candover (CDI.L: Quote, Profile, Research) and investment bank Goldman Sachs (GS.N: Quote, Profile, Research).

Reuters