Coflexip accepts improved stock offer from Technip

Coflexip SA directors have approved an acquisition offer from French company Technip SA. The principal exchange offer remains 9 Technip shares for 8 Coflexip shares, but the alternative cash offer, limited to 5 million Coflexip shares, was improved to 199 euros/Coflexip share, up from 193 euros.

July 26, 2001

2 min read

By the OGJ Online Staff

HOUSTON, July 26 -- Coflexip SA directors have approved an acquisition offer from French company Technip SA.

The principal exchange offer remains 9 Technip shares for 8 Coflexip shares, but the alternative cash offer, limited to 5 million Coflexip shares, was improved to 199 euros/Coflexip share, up from 193 euros.

Previously, Coflexip said it would consider the offer, which was made earlier this month (OGJ Online, July 3, 2001).

Coflexip said an agreement reached between the companies "ensures that the combination will be achieved on a friendly basis which is indispensable in project management work."

After the closing of the offer, the group will be made up of the offshore branch, the onshore and downstream branch, and the nonpetroleum industries branch.

Coflexip and Technip said the combined group would focus on strong growth in the offshore market and expects a 50:50 revenue breakdown between offshore activities and other activities.

"Special attention will be given to the strong growth of investments in onshore developments, gas and gas-related industries, particularly in the Mideast," said Coflexip.

It will also seek to increase the share of its activity in the nonpetroleum sector to 15-20% of revenues.

Technip's board also approved a revised offer for the Isis holding company, with a new exchange ratio of 11 Technip shares for 10 Isis shares.