Technip Breaks Off CGG Chase

French engineering group Technip has informed that it no longer plans to pursue its takeover bid for CGG.

Namely, Technip approached CCG earlier this year, in November, with a public tender offer in cash for CGG’s shares at a price of 8.30 euros per share and no deal was made.

After CGG declined the bid, Technip put forward a number of alternative options to a tender offer. However, according to Technip, the discussions of these options did not result in any form of agreement.

Following Technip’s announcement, French seismic contractor CGG, said: “Since the beginning of this unsolicited approach by Technip on November 10, CGG remained open to dialogue and studied all proposals of Technip taking into account the interests of its shareholders, clients and employees. The board of CGG considered that none of the proposed options were creating value for the Company and its stakeholders.”

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Subsea Expo 2018

The largest wholly-focused subsea event in Europe, Subsea Expo is organised by industry body Subsea UK…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >

European Gas Conference 2018

The European Gas Conference celebrated its tenth anniversary amid an air of increasing optimism following considerably shifting markets in the last few years…

read more >

SPE/IADC Middle East Drilling Technology Conference and Exhibition

The theme for this conference is “Building on Today’s Efficiencies for Tomorrow’s Market.” This will be the basis for the technical agenda…

read more >