USA: Global Industries’ Shareholders Approve Technip Merger

Global Industries' Shareholders Approve Technip Merger

Global Industries, Ltd. announced today that, at a special meeting held today in Houston, Texas, its shareholders voted to approve the proposed merger of an indirect, wholly-owned subsidiary of Technip S.A. with and into Global Industries, as well as other proposals related to the merger.

Global Industries and Technip had previously announced the merger , and subject to the satisfaction of final customary closing conditions, the merger is expected to close on December 1, 2011.

The two companies entered into a definitive merger agreement on September 12 whereby Technip would pay US$8.00 per Global Industries share. The transaction values Global Industries at US$1,073 million (€768 million at current exchange rates), including approximately US$136 million of net debt.

Thierry Pilenko, Chairman and Chief Executive Officer of Technip, on September 12, said: “The acquisition of Global Industries reinforces Technip’s leadership in Subsea, one of our three market segments alongside Onshore and Offshore. The subsea market looks likely in 2011 to show a record amount of orders for our industry and our own backlog at end-June 2011 is above its previous peak. We see that our customers continue to firm up a substantial number of large offshore developments with Brazil, the Gulf of Mexico, West Africa and Asia Pacific leading the way to drive future growth

[mappress]
Offshore Energy Today Staff, December 1, 2011; Image: Global Industries

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