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BUZZ-Bears on alert as OFS deal chatter gets louder

Reuters - UK Focus

** More shorts could be squeezed out as M&A buzz around OFS cos hots up

** Some short covering has already been at work since announcement of Halliburton /Baker Hughes deal & Technip (Paris: FR0000131708 - news) 's offer to buy CGG (NYSE: CGG - news) , analysts say

** Amec Foster Wheeler (Other OTC: AMCBF - news) & Petrofac 3rd & 4th most borrowed stocks on FTSE 100 respectively, Markit (NasdaqGS: MRKT - news) data shows

** Consolidation may help cos cope with collapsing oil price which has hit exploration & production

** Nomura bearish on sector as global capex cycle set for multi-year decline; but key risk to this view is OFS cos become immune to EPS downgrades as M&A expectations rise

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** Advises investors looking to gain exposure to M&A to buy a basket containing: Amec (Other OTC: AMEZY - news) , Lamprell & Maire Tecnimont

** Broker considers it less likely that seismic marine & deepwater drilling sectors consolidate unless valuations are meaningfully lower than current levels (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)