Technip, FMC Technologies Merger to Complete in January 2017

  • Business & Finance

Technip and FMC Technologies have received a court approval for their merger into TechnipFMC.

The companies informed that the Chancery Division of the High Court of Justice of England and Wales approved the merger and set the date of completion for January 16, 2017.

Two industry giants, Technip and FMC Technologies, announced their intention to merge back in May.

The approval by the High Court of Justice is subject to the Business Combination Agreement not having been terminated by the parties, the approval by the AMF of the prospectus regarding the listing of the TechnipFMC shares on Euronext Paris and the TechnipFMC shares having been authorized for listing and trading on Euronext Paris.

Trading of the TechnipFMC shares is expected to begin on January 17, 2017, on Euronext Paris at 9:00 a.m. (Paris time) and on the NYSE at 9:30 a.m. (New York time).

FMC Technologies and Technip have earlier received a clearance decision from the European Commission, United States, India, Turkey, Mexico, Russia and Brazil.

The combined company would have an equity value of $13 billion based on pre-announcement share prices.

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