FMC, Technip announce Brazilian antitrust clearance of merger
HOUSTON and PARIS – FMC Technologies, Inc. and Technip today announced that the pending combination between the companies has received a clearance decision issued by the General Superintendent of the Administrative Council for Economic Defense (CADE), the Brazilian antitrust authority. The decision is subject to a 15-day waiting period.
As previously announced on May 19, 2016, Technip and FMC Technologies will combine, which will be called TechnipFMC, and would have an equity value of $13 billion based on pre-announcement share prices.
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 Dec. 5, 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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