FMC, Technip Receive Clearance to Combine from European Commission
FMC Technologies, Inc. and Technip have announced that the pending combination of the companies has received a clearance decision from the European Commission under Council Regulation (EC) No 139/2004.
As previously announced on May 19, 2016, Technip and FMC Technologies will combine to create a global leader that will drive change by redefining the production and transformation of oil and gas, according to a statement from FMC.
The companies have scheduled their respective shareholders' meetings on Dec. 5 to vote on the proposed combination. Clearance decisions have previously been provided by antitrust authorities in the United States, India, Turkey, Mexico and Russia.
The pending transaction remains subject to other closing conditions, including approval of FMC Technologies and Technip shareholders, as well as certain antitrust and regulatory approvals and customary closing conditions. The transaction is expected to close in early 2017, subject to the satisfaction of these other closing conditions.
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