SANDVIK, DIAMANT BOART IN ACCORD ON JOINT VENTURE
Sandvik AB <SVIK.ST> and Belgian group
<Diamant Boart SA> have completed preliminary negotiations on
forming a joint venture which will combine their oil and gas
drilling tools activities, Diamant Boart said in a statement.
    The two companies announced in January that they had signed
a letter of intent to form a venture in which each would have
equal stakes and which would have annual turnover of about 75
mln dlrs.
    In today's statement Diamant Board said "The results of the
negotiations support strong synergy between the two units
involved."
    Diamant Boart is a wholly owned subsidiary of Sibeka SA in
which Societe Generale de Belgique <BELB.BR> has a 52 pct
stake.
 REUTER
