Mergers and Acquisitions New Giant for Gas Projects? Technip Shows Interest in Rival Company CGG
Technip wants to grow by acquisition: The French engineering specialist has approached its rival CGG with a US $ 1.8 million offer. The proposed merger could create a global oil services heavyweight, insiders believe.
Paris/France – Technip announced it would like to enter into a constructive dialogue with CGG’s Board of Directors concerning its project that provides a strong strategic and industrial logic. The company is especially interested in CGG’s reservoir and data processing and seismic equipment activities.
Following the proposed merger, Technip would most likely divert CGG's Acquisition Division. The French seem confident that the takeover could be completed under conditions that create value for its shareholders, while maintaining a strong balance sheet and its current credit rating.