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Technip: We offered everything to CGG, now we give up

Staff writer ▼ | December 15, 2014
On November 10, 2014 Technip approached CGG's board with a view to making an offer on CGG and sought to engage in a constructive dialogue with CGG to review this project. Technip offered 1.46 billion euros ($1.82 billion).
No acquisition   Technip offered $1.82 billion
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.

Under these circumstances, Technip informs the market does not intend to file a tender offer for CGG.