LNG-engineer Technip and Houston-based FMC Technologies on Wednesday said they have cleared another hurdle for their proposed combination by receiving the clearance from the European Commission.
Earlier in May, the two companies agreed to combine into one company named TechnipFMC, with each company’s shareholders owning close to 50 percent of the combined company.
According to the joint statement, the merger would create a company “that will drive change by redefining the production and transformation of oil and gas.”
The proposed multi-billion combination has already been cleared by the United States antitrust regulators. In addition, clearances have been provided by antitrust authorities in India, Turkey, Mexico and Russia.
As previously informed, shareholder meetings have been scheduled by both companies for December 5, when both companies are set to vote on the proposed combination.
The transaction is expected to close in early 2017, the two companies said.
LNG World News Staff