There are some pretty strange things being dredged up - and not just in the Gulf of Mexico.
About a week before the gulf oil spill, Halliburton bought Boots and Coots, an emergency response oil control company. They spent $232 million for this acquisition.
April 12, 2010:
Oil giant Halliburton (HAL: 24.48, 0.12, 0.49%) announced late Friday that it will purchase emergency response oil control company Boots & Coots (WEL: 2.96, 0, 0%) in a deal valued at around $232 million.
Boots & Coots shares soared on Monday by more than 25%.
Under terms of the deal, Boots & Coots shareholders will receive $1.73 in cash and $1.27 of Halliburton stock for each Boots & Coots share, a 28% premium to Friday’s closing price.
The deal is expected to boost Halliburton’s bottom line during the first year after closing. At this time, it is expected that management of Boots & Coots will remain with the company.
Boots & Coots shares jumped 50 cents to $2.94. Halliburton shares rose 0.3%, or 9 cents, to $31.66.
April 20, 2010 - that was when the explosion happened on the Deepwater Horizon drilling rig.
Weeks before the spill, Goldman Sachs unloaded about 44% of their BP stock, and BP CEO, Tony Hayward, also sold 1/3 of his BP holdings.
So do these people/companies have psychics working for them - or what?