FMC Technologies and Technip have received a clearance decision from the European Commission under Council Regulation for the proposed combination of the two companies into TechnipFMC.
Clearance decisions have previously been provided by antitrust authorities in the United States, India, Turkey, Mexico and Russia.
In addition, Technip and FMC Technologies announced their nominees to the board of directors of the combined company at the close of the proposed combination. The companies will vote on the proposed combination on December 5, 2016.
The board of directors of the combined company will comprise 14 directors, seven designated by FMC Technologies and seven designated by Technip.
The slate of directors nominated by Technip is:
- Thierry Pilenko, future Executive Chairman of TechnipFMC and designated Chair of the Strategy Committee
- Arnaud Caudoux (Bpifrance designee)
- Pascal Colombani
- Marie-Ange Debon (designated Chair of the Audit Committee)
- Didier Houssin
- John O’Leary
- Joseph Rinaldi
The slate of directors nominated by FMC Technologies is:
- Douglas J. Pferdehirt, future Chief Executive Officer of TechnipFMC
- Eleazar de Carvalho Filho
- Claire S. Farley
- Peter Mellbye (designated Chair of the Nominating and Governance Committee)
- Richard A. Pattarozzi (designated Independent Lead Director)
- Kay G. Priestly
- James M. Ringler (designated Chair of the Compensation Committee)
The transaction is expected to be completed in early 2017, subject to approval by FMC Technologies’ and Technip’s stockholders, the receipt of required antitrust and regulatory clearances and other customary closing conditions.