Petroleum Africa
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Friday, November 21, 2014
A possible takeover is in the works as Technip reported that it approached CGG to create a first tier oil and gas services provider. The proposed transaction would take the form of a public tender offer in cash for CGG’s shares at a price of €8.30 per share.
Technip said it would like to enter into a constructive dialogue with CGG’s board of directors concerning the offer stating that it “provides a strong strategic and industrial logic” for the company.
Technip went on to say that it was confident that the buy-out can be completed under conditions that create value for its shareholders, while maintaining a strong balance sheet and its current credit rating.
CGG on the other hand, other than confirming it was approached by Technip in an unsolicited manner, said that it has considered that the conditions to pursue the deal were not met.
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