Brazil clears Technip, FMC merger

French LNG-engineer Technip and Houston-based FMC Technologies said they have received approval from Brazilian antitrust regulators to continue with their proposed merger.

The pending combination revealed earlier this year has received clearance by the General Superintendent of the Administrative Council for Economic Defense (CADE). The decision is subject to a 15-day waiting period.

Brazil is the last antitrust clearance required prior to closing of the proposed multi-billion merger, the two companies said in a joint statement.

The merger has been previously cleared by antitrust authorities in the United States, the European Union, India, Turkey, Mexico, and Russia.

The pending transaction remains subject to other closing conditions, including approval of the transaction by FMC Technologies’ and Technip’s shareholders at their respective shareholders meetings scheduled on December 5, as well as certain regulatory approvals and customary closing conditions, the statement said.

The transaction is expected to close in early 2017.

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