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

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

Share this article

Follow Offshore Energy Today

One thought on “USA: Global Industries' Shareholders Approve Technip Merger”

Comments are closed.

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply