On December 5, Technip S.A. and FMC Technologies (FTI) held shareholder meetings to vote on the pending merger between the two companies. Both companies’ shareholders approved the business merger. Now, the proposed merger requires certain regulatory approvals to go through.
On May 19, 2016, Technip S.A. and FMC Technologies agreed to combine in an all-stock merger transaction. FMC Technologies is a Texas-based OFS (oilfield service and equipment) company. Technip is a France-based OFS giant that operates in the offshore and onshore energy service business. Read about the deal in detail in Market Realist’s FMC Technologies and Technip to Form Energy Services Giant. FMC Technologies accounts for 0.04% of the SPDR S&P 500 ETF (SPY).
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Here’s a timeline of the key events leading up to the latest merger:
Recently, the OFS industry has been buzzing with mergers and acquisition activities. On November 30, Baker Hughes (BHI), CSL Capital Management, and West Street Energy Partners disclosed that they agreed to form a land-based pressure pumping company. Read Baker Hughes Makes Another Deal: An OFS Newco Explained to learn more about the deal.
Next, we’ll discuss how the market has responded since the Technip-FMC Technologies deal was announced.