FMC Technologies and Technip are set to finalize their previously announced merger deal after obtaining approvals from their respective shareholders.
The U.S. subsea equipent provider, and the French oilfield services specialist on Monday evening issued a joint announcement saying that the companies’ respective shareholders had voted to approve the proposed business combination of Technip and FMC Technologies.
“Shareholders of both companies voted in favor of resolutions required for the consummation of the proposed combination when they met separately today,” the statement said.
FMC Technologies held a special meeting of its shareholders. Technip held an extraordinary general meeting of Technip shareholders, as well as a special meeting of Technip shareholders that hold double voting rights.
The proposed combination remains subject to certain regulatory approvals and consents, as well as other customary closing conditions. In accordance with English law, the completion date will be set by an order of the Chancery Division of the High Court of Justice expected to be issued on December 21, 2016. The transaction is expected to close in early 2017, the two companies said.
To remind, the two firms first announced the intention to merge back in May, when they said the move would create “a global leader that will drive change by redefining the production and transformation of oil and gas.”
The combined company will be called TechnipFMC and will have an equity value of $13 billion (according to info from May 2016).
The pending combination last week received a clearance from the Brazilian antitrust authority, the last outstanding antitrust clearance required prior to closing.
Clearance decisions have previously been provided by antitrust authorities in the United States, the European Union, India, Turkey, Mexico and Russia.
Offshore Energy Today Staff