Technip, FMC Technologies merger gains approval from Brazil

The pending combination between French oilfield services giant Technip and U.S. subsea equipment specialist FMC Technologies has received a clearance decision issued by the General Superintendent of the Administrative Council for Economic Defense (CADE), the Brazilian antitrust authority.

The duo said on Thursday that the decision is subject to a 15-day waiting period.

As previously announced on May 19, 2016, Technip and FMC Technologies will combine to create a global company that will drive change by redefining the production and transformation of oil and gas.

Brazil is the last outstanding antitrust clearance required prior to closing.

Clearance decisions have previously been provided by antitrust authorities in the United States, the European Union, India, Turkey, Mexico and Russia.

The pending transaction remains subject to other closing conditions, including approval of the transaction by FMC Technologies’ and Technip’s shareholders at their respective shareholders meetings scheduled on December 5, 2016, as well as certain regulatory approvals and customary closing conditions.

The transaction is expected to close in early 2017, subject to the satisfaction of these other closing conditions.

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