Islands

GlobalSantaFe Corp. and Transocean Inc. have received approval from the Grand Court of the Cayman Islands of the proposed merger of GlobalSantaFe with a subsidiary of Transocean and related transactions (see Daily GPI, July 24). The parties have tentatively scheduled to complete the transactions Tuesday, subject to conditions. The proposed merger remains the subject of an investigation by the Office of Fair Trading for the United Kingdom (OFT). The companies said they expect that before Tuesday the OFT will announce its decision whether the merger raises competitive issues that could, in the absence of appropriate undertakings by the parties, warrant a reference to the Competition Commission of the United Kingdom for further review.

Amoco plans to develop one of its largest gas discoveriesoffshore Trinidad and Tobago to serve future demand on the islandsand supply the Atlantic LNG export project in Trinidad.