Technip no longer intends to file a tender offer, says CGG

CGG says Technip has announced that Technip no longer intends to file a tender offer for CGG.

Offshore staff

PARISCGG says Technip has announced that Technip no longer intends to file a tender offer for CGG.

Since the beginning of this unsolicited approach by Technip on Nov, 10, CGG reports that it remained open to dialogue and studied all of Technip’s proposals, taking into account the interests of its shareholders, clients, and employees. CGG’s board considered that none of the proposed options were creating value for the company and its stakeholders.

CGG says it remains confident in the ongoing execution and success of its strategy as an independent company, and that CGG is meeting its transformation-plan milestones.

12/15/2014

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