Technip and FMC Technologies one step closer to a merger

Chess pieces
Source: DollarPhotoClub

French project management, engineering and construction company Technip announced last week that has moved a step closer to finalizing its pending merger with the subsea systems and oil and gas services provided FMC Technology. The merger transaction between the two companies has received an early decision from the United States antitrust regulators under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), concluding antitrust review of the transaction in the U.S. under the HSR Act.

Technip and FMC Technologies announced their intent to join forces on May 19th this year. The companies said in a statement that the merger will result in “a global leader that will drive change by redefining the production and transformation of oil and gas.” On June 16, 2016, the companies announced that they had executed a Business Combination Agreement regarding their proposed merger.

Conclusion of antitrust review in the United States under the HSR Act satisfies one of the closing conditions of the pending transaction, which remains subject to other closing conditions, including approval of Technip and FMC Technologies shareholders, the conclusion of antitrust review in other countries, other regulatory approvals and consents, as well as other customary closing conditions.

The transaction is expected to close early in 2017, subject to the satisfaction of these other closing conditions.

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