French oilfield services giant Technip and U.S. subsea equipment specialist FMC Technologies have announced their respective designees to the Board of Directors of the combined company, TechnipFMC, and gained EU Antitrust Clearance.
The duo said in a joint statement on Wednesday that these nominations become effective at the close of the proposed combination of the two companies, announced back in May 2016.
Technip and FMC Technologies also said on Wednesday that the pending combination between the companies has received a clearance decision from the European Commission. Clearance decisions have previously been provided by antitrust authorities in the United States, India, Turkey, Mexico and Russia.
The Board of Directors of the combined company will comprise 14 directors, seven designated by FMC Technologies and seven designated by Technip.
FMC Technologies will appoint the initial Independent Lead Director, in accordance with the terms of the business combination agreement. The Board of Directors will have four committees: Audit, Nominating and Governance, Compensation, and Strategy.
The slate of directors nominated by Technip is: Thierry Pilenko, future Executive Chairman of TechnipFMC and designated Chair of the Strategy Committee; Arnaud Caudoux (Bpifrance designee); Pascal Colombani; Marie-Ange Debon (designated Chair of the Audit Committee); Didier Houssin; John O’Leary; and Joseph Rinaldi.
The slate of directors nominated by FMC Technologies is: Douglas J. Pferdehirt, future Chief Executive Officer of TechnipFMC; Eleazar de Carvalho Filho; Claire S. Farley; Peter Mellbye (designated Chair of the Nominating and Governance Committee); Richard A. Pattarozzi (designated Independent Lead Director); Kay G. Priestly; and James M. Ringler (designated Chair of the Compensation Committee).
The transaction is expected to be completed in early 2017 and is subject to approval by FMC Technologies’ and Technip’s stockholders, the receipt of required antitrust and regulatory clearances and other customary closing conditions.
Technip and FMC Technologies scheduled their respective shareholders’ meetings to vote on the proposed combination on December 5, 2016.