CGG Confirms Technip's Approach In Unsolicited Manner On Potential Combination

(RTTNews) - France-based geoscience company CGG (CGG) confirmed having been approached by French oilfield services provider Technip (TNHPF.PK, TKPPY.PK) in an unsolicited manner relating to a potential combination. CGG has considered that the conditions to pursue were not met.

On November 10, 2014, Technip approached CGG to create a first tier oil and gas services provider. The proposed transaction would take the form of a public tender offer in cash for CGG's shares at a price of 8.30 euros a share.

Technip would like to enter into a constructive dialogue with CGG's board regarding its project that provides a strong strategic and industrial logic. Technip is unable to indicate at this stage whether such transaction will occur.