Associated Press reported that National Oilwell Varco Inc has cleared a regulatory hurdle toward its proposed acquisition of Ameron International Corp.

The Houston energy company said that the Justice Department waived the typical waiting period for buying Ameron's outstanding shares.

Ameron's shareholders still must approve the deal, however. A special meeting for Ameron shareholders is scheduled for October 5.

National Oilwell Varco announced the USD 772 million buyout 8roposal in July. Ameron produces fiberglass composite pipe and specialty materials for the chemical, industrial, energy, transportation and other markets, and National Oilwell said it's interested in Ameron for its seawater handling systems.

The company is offering USD 85 per share for Ameron stock. That's a premium of 28% from Ameron's share value immediately preceding the announcement.

The deal is expected to close in the fourth quarter and to add to National Oilwell's earnings next year. The boards of directors for both companies already have approved the acquisition.

(Sourced from Associated Press)