PARIS – Technip has approached CGG about the prospects of acquiring the integrated geosciences company. Under the offer, Technip would make a public tender offer of cash for CGG shares.
CGG has recognized the unsolicited offer from Technip and says “the conditions to pursue were not met.”
Technip says the combination would create a source for technology, engineering, equipment, and project management from the reservoir through the entire production system.
Technip also says that one step in the overall process would be to “reinforce and then separate the Acquisition Division of CGG.
There is no indication of further discussions between the companies.