Technip, FMC shareholders to vote on merger in December

Technip, FMC shareholders to vote on merger in December

LNG-engineer Technip and Houston-based FMC Technologies have scheduled shareholder meetings on December 5, to vote on the proposed merger of the two companies. 

Earlier in May, the two companies agreed to combine into one company named TechnipFMC, with each company’s shareholders owning close to 50 percent of the combined company.

According to the joint statement, the merger would create a company “that will drive change by redefining the production and transformation of oil and gas.”

The group will organize its activities into five business units covering Surface, Subsea Services, Products, Subsea Projects, and Onshore/Offshore, with the first two headquartered in Houston and the others in Paris.

The proposed multi-billion combination has already been cleared by the United States antitrust regulators.

In addition to the approval of Technip and FMC Technologies shareholders, the proposed combination remains subject to other closing conditions, including the conclusion of antitrust review in certain countries, other regulatory approvals, and other customary closing conditions.

The combination is expected to close in early 2017, the two companies said.

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Posted on October 26, 2016 with tags , .

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