Chateauvieux’s Jaccar in Bourbon takeover bid

The offer of EUR24 per share values the French offshore company at around EUR1.7bn and is subject to approval from relevant authorities, securing 50.1% of the outstanding share capital and bank financing.

Jaccar, the private investment company of Jacques de Chateauvieux, chairman of Bourbon, already owns 26.2% of the company. Jaccar revealed it plans to keep Bourbon listed on NYSE Euronext in Paris, with no intention to follow the offer with a squeeze out.

The offer comes on the tail of Bourbon's 2013 results, which included a 169% jump in profit to $205m.

Bourbon's board will review the terms of the offer on 21 March.