Technip and FMC Technologies have executed a Business Combination Agreement (BCA) regarding their proposed merger announced on May 19, 2016 with the firms hailing it as a major milestone in their merger process.
The execution of the BCA follows conclusion of the required work council consultation process in Europe.
“With the signing of the BCA, we have reached an important milestone paving the way to building a unique offering, driving change by redefining the production and transformation in the oil and gas industry”, said Thierry Pilenko, Technip chairman and chief executive.
Pilenko who will serve as executive chairman of the combined company, TechnipFMC.
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.
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