MOSCOW (MRC) -- FMC Technologies and Inc. and Technip have 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, reported Reuters.
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 USD13 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.
As MRC reported earlier, in 2015, Technip was awarded by Tecnicas Reunidas a significant contract to supply three hydrogen reformers as part of the hydrogen production facility at Petronas’ refinery and petrochemical integrated development (RAPID) project located in the state of Johor, Malaysia.
Earlier, Technip was awarded a contract by Westlake Chemical to provide detailed engineering and procurement services to expand the recovery section of Westlake’s Petro 1 ethylene plant at its complex in Sulphur, Louisiana.
Technip is a world leader in project management, engineering and construction for the energy industry.
From the deepest Subsea oil & gas developments to the largest and most complex Offshore and Onshore infrastructures, our 37,500 people are constantly offering the best solutions and most innovative technologies to meet the world’s energy challenges. Present in 48 countries, Technip has state-of-the-art industrial assets on all continents and operates a fleet of specialized vessels for pipeline installation and subsea construction.
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