Shareholders to vote on Technip-FMC Technologies merger in December
- Business & Finance
Technip and FMC Technologies have scheduled their respective shareholders’ meetings on December 5, 2016, to vote on the proposed combination of Technip and FMC Technologies.
Technip’s board of directors convened a general meeting of Technip shareholders for December 5, 2016, to vote on the proposed combination, as well as a special meeting of Technip shareholders that hold double voting rights to vote on the removal of the double voting rights, subject to the completion of the proposed combination.
FMC Technologies will also hold a special meeting of shareholders on December 5, 2016, to vote on the proposed combination.
As announced on May 19, 2016, Technip and FMC Technologies intend to combine to create a global company 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.
In addition to the approval of Technip and FMC Technologies shareholders, the proposed combination remains subject to other closing conditions, including the conclusion of antitrust review in certain countries, other regulatory approvals, and other customary closing conditions. The combination is expected to close in early 2017, subject to the satisfaction of these conditions.
The proposed merger already received an approval from the United States antitrust regulators in June.