Technip Breaks Off CGG Chase

French engineering group Technip has informed that it no longer plans to pursue its takeover bid for CGG.

Namely, Technip approached CCG earlier this year, in November, with a public tender offer in cash for CGG’s shares at a price of 8.30 euros per share and no deal was made.

After CGG declined the bid, Technip put forward a number of alternative options to a tender offer. However, according to Technip, the discussions of these options did not result in any form of agreement.

Following Technip’s announcement, French seismic contractor CGG, said: “Since the beginning of this unsolicited approach by Technip on November 10, CGG remained open to dialogue and studied all proposals of Technip taking into account the interests of its shareholders, clients and employees. The board of CGG considered that none of the proposed options were creating value for the Company and its stakeholders.”