USA: 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”
Offshore Energy Today Staff, December 1, 2011; Image: Global Industries