Dec. 9, 2015, 4:48 PM
- FMC Technologies (NYSE:FTI) +3.3% AH following reports that French oilfield services company Technip (OTCQX:TNHPF, OTCQX:TKPPY) is exploring a sale and has held talks with FMC over a possible merger.
- Negotiations between the two companies, who formed a joint venture earlier this year, are at an advanced stage and a deal reportedly could be announced before the end of this year.
- The deal could be structured as an inversion, which may allow Houston-based FMC to move its headquarters to a country with lower taxes.
- Combining FMC and Technip would bring together the largest provider of subsea equipment to the industry with Europe’s biggest oil services provider.
Jul. 7, 2015, 12:48 PM
- Technip (OTCPK:TNHPF, OTCQX:TKPPY) shares have dropped nearly 8% today after the French oil industry engineering and construction group repositions itself for a long slowdown with a restructuring plan in a cost-cutting program aimed at saving ~€830M ($914M), of which €700M is expected to be delivered in 2016.
- Technip's overhaul bodes ill for oilfield services companies, Heard On The Street's Helen Thomas writes, as questions linger about the chances for an imminent pickup in work for the industry.
- Technip's €650M of one-off restructuring charges is an unspecified amount related to standoffs with clients over payments on existing projects, which will spark existing worries about clients becoming more combative on pricing and raising doubts about how robust backlogs will prove, Thomas writes.
Dec. 15, 2014, 7:45 AM
- CGG -31% in Paris trading after Technip (OTCQX:TKPPY) says it is abandoning its pursuit of the company and will not make an offer directly to investors.
- Last month, Technip offered to acquire the French oil services company for €1.46B ($1.82B) but CGG rejected the approach.
- The proposal would have combined Technip, which provides engineering and construction services to the energy industry, with CGG, a provider of equipment and geological data processing services to the sector.
Nov. 20, 2014, 12:47 PM
- CGG (CGG -5.3%) earlier confirmed it was approached by Technip (OTCPK:TNHPF, OTCQX:TKPPY) with an unsolicited offer - which it rejected - but in the view of Goldman Sachs analyst Henry Tarr, there is not a strong strategic rationale for a deal, and possible synergies are limited.
- Diversification can, as in the Halliburton-Baker Hughes tie-up, have merit, but this deal looks more expansionist than defensive, WSJ's Helen Thomas reports, as CGG’s seismic imaging and exploration services are largely separate from the actual construction of projects.
- Technip seems to be making a long-dated bet on a recovery in activity, Sanford C. Bernstein analysts say, but with the volatile seismic cycle approaching another trough, a deal could put pressure on earnings as fleets lie idle.
Nov. 20, 2014, 7:38 AM
- Technip (OTCPK:TNHPF, OTCQX:TKPPY) says it has made a preliminary takeover offer of €1.46B ($1.83B) for smaller French oil services company CGG, which says it rejected the offer.
- Technip, which says it first approached CGG on Nov. 10, has offered €8.3/share in cash, a 27% premium over CGG’s closing share price yesterday.
- CGG -6.6% premarket after surging more than 22% late yesterday after word of the deal was reported.
Nov. 19, 2014, 3:39 PM
- French seismic surveyor CGG (CGG +24.3%) soars after Bloomberg reports it is weighing a sale of the company after being approached by Technip (OTCPK:TNHPF, OTCQX:TKPPY).
- CGG is said to have rejected an initial offer from Technip as too low, but talks are continuing.
- The French government, whose fund owns stakes in both CGG and Technip, reportedly is pushing for a combination of the companies.
Technip is a world leader in project management, engineering and construction for the energy industry.<br />From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our 38,000 people are constantly offering the best solutions and most... More
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