French oil services company Technip abandons bid to acquire seismic surveyor CGG

Technip said in a statement it had put forward “a number of alternative options to a tender offer” in discussions with CGG but failed to reach a deal.

“Under these circumstances, Technip informs the market that it does not intend to file a tender offer for CGG,” the company said.

On November 10, 2014 Technip approached CGG’s Board of Directors with a view to making an offer on CGG and sought to engage in a constructive dialogue with CGG to review this project. Further to press leaks, Technip set out the main elements of its industrial project in a press release on November 20, 2014.

Following CGG’s reaction to this approach, Technip put forward a number of alternative options to a tender offer, taking care as always to consider the social, strategic and financial aspects in each case. However, the discussions of these options did not result in any form of agreement.

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