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    Technip shelves CGG plan

    Company News // December 16, 2014
    Technip says it is shelving its proposed takeover of CGG. On November 10, 2014 Technip approached CGG's Board of Directors with a view to making an offer on CGG and sought to engage in a constructive dialogue with CGG to review this project. Further to press leaks, Technip set out the main elements of its industrial project in a press release on November 20, 2014.

    Following CGG’s reaction to this approach, Technip put forward a number of alternative options to a tender offer, taking care as always to consider the social, strategic and financial aspects in each case. However, the discussions of these options did not result in any form of agreement.

    Under these circumstances, said Technip, it does not intend to file a tender offer for CGG.

     

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