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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  TechnipFMC    FTI   GB00BDSFG982

TECHNIPFMC

(FTI)
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Technip Drops Plan to Buy CGG After Talks on Merger Fail -- Update

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12/14/2014 | 04:49pm EDT
By Inti Landauro 

PARIS--French oil-service company Technip SA on Sunday said it has dropped plans to acquire peer CGG after talks on a potential merger failed.

Last month, Technip made a preliminary takeover offer of EUR1.46 billion ($1.83 billion) in cash for CGG. The offer of EUR8.30 a share represented a 27% premium over CGG's closing price on November 19.

At the time, CGG, a Paris-listed specialist in exploration equipment and services, rejected the offer.

Following the CGG rejection, Technip said it proposed a series of alternative options to a tender offer. However, discussions on the options haven't resulted in an agreement, Technip said in a statement Sunday. In a separate statement, CGG's board said none of the options proposed by Technip was satisfactory

The announcement of Technip's bid came just days after U.S. giant Halliburton Co. announced plans to buy smaller rival Baker Hughes Inc. in a deal valued at $34.6 billion, prompting speculation that more deals in the sector were in the offing.

The industry's main players are rushing to buy smaller rivals to offset the effects of falling oil prices on their business. Following the price decline of the past months, oil service companies anticipate their customers will cut spending on oil and gas projects.

Technip didn't provide any details on the talks with CGG but said its Chief Executive Thierry Pilenko will host a conference call on Monday to discuss the abandoned operation.

Write to Inti Landauro at inti.landauro@wsj.com

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Stocks mentioned in the article
ChangeLast1st jan.
CGG 1.44% 2.182 Real-time Quote.86.07%
HALLIBURTON COMPANY 6.40% 19.61 Delayed Quote.-30.66%
TECHNIPFMC 0.48% 20.84 Real-time Quote.17.51%
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Financials (USD)
Sales 2019 13 494 M
EBIT 2019 1 226 M
Net income 2019 557 M
Finance 2019 787 M
Yield 2019 2,23%
P/E ratio 2019 18,9x
P/E ratio 2020 14,6x
EV / Sales2019 0,71x
EV / Sales2020 0,63x
Capitalization 10 394 M
Chart TECHNIPFMC
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Technical analysis trends TECHNIPFMC
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 33
Average target price 30,80  $
Last Close Price 23,25  $
Spread / Highest target 93,5%
Spread / Average Target 32,5%
Spread / Lowest Target -22,6%
EPS Revisions
Managers
NameTitle
Douglas J. Pferdehirt Chairman & Chief Executive Officer
Maryann T. Mannen Chief Financial Officer & Executive VP
Justin Rounce Chief Technology Officer & Executive VP
Arnaud Caudoux Independent Director
Pascal Colombani Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
TECHNIPFMC17.51%10 238
SCHLUMBERGER NV-10.45%44 685
HALLIBURTON COMPANY-30.66%16 143
BAKER HUGHES1.26%14 132
TECHNIPFMC16.96%10 238
NATIONAL OILWELL VARCO, INC.-21.75%7 760