17.06.2016 05:07:20
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Technip And FMC Technologies Execute Business Combination Agreement
(RTTNews) - Technip (TNHPF.PK, TKPPY.PK) and FMC Technologies, Inc. (FTI) announced that the companies executed a Business Combination Agreement or BCA on June 14, 2016 regarding their proposed merger announced on May 19, 2016. The execution of the BCA follows conclusion of the required work council consultation process in Europe.
The transaction is expected to close in early 2017, subject to the approvals of Technip and FMC Technologies shareholders, regulatory approvals and consents, as well as other customary closing conditions.
The companies will combine in an all-stock merger transaction. Each company's shareholders will own close to 50 percent of the combined company.
It is expected to deliver at least $400 million in annual pretax cost synergies in 2019
In addition, Bpifrance supports the transaction and has confirmed to Technip and FMC Technologies that all its governing bodies have approved the terms of the support agreement, in particular the commitment to vote in favor of the resolutions regarding the transaction which will be submitted to Technip's shareholders' meeting, subject notably to Technip Board of Directors' favorable recommendation.
Given that it had previously been agreed that Bpifrance will have a seat on the board of directors of TechnipFMC, Bpifrance will retain its Technip shares until the completion of the transaction, with the ability to increase its shareholding up to a maximum 6% of the share capital of TechnipFMC, on a fully-diluted basis, for a two-year period starting at completion of the transaction.
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