TechnipFMC starts trading on Tuesday
Technip and FMC Technologies are set to finalize the merger on Monday, January 16, 2017, after close of business.
The two oilfield services companies issued a joint statement on Monday, saying that TechnipFMC, a company to be established by the merger, secured a visa from the French stock market regulator for its prospectus relating to the listing of its ordinary shares on the Euronext Paris regulated market.
The prospectus was prepared as part of the admission to trading on Euronext Paris of all the ordinary shares of TechnipFMC that will be issued in connection with the completion of the combination between FMC Technologies and Technip.
The visa on the prospectus was the last remaining regulatory approval required in connection with the closing of the combination.
The TechnipFMC ordinary shares will be listed under ticker “FTI” on January 17, 2017, starting from the opening of the respective trading sessions on Euronext Paris (9:00 a.m. CET) and on the NYSE (9:30 a.m. EST).
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).