Technip and FMC Technologies, Inc. have announced that the pending merger transaction between the companies has received an early decision from the US antitrust regulators under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), concluding the antitrust review of the transaction in the US under the HSR Act.
As previously announced on 19 May 2016, Technip and FMC Technologies will combine to create a global leader that will drive change by redefining the production and transformation of oil and gas. On 16 June 2016, the companies announced that they had executed a Business Combination Agreement regarding their proposed merger.
Conclusion of antitrust review in the US under the HSR Act satisfies one of the closing conditions of the pending transaction, which remains subject to other closing conditions, including approval of Technip and FMC Technologies shareholders, the conclusion of antitrust review in other countries, other regulatory approvals and consents, as well as other customary closing conditions. The transaction is expected to close early in 2017, subject to the satisfaction of these other closing conditions.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/28062016/fmc-technip-quick-conclusion-of-us-antitrust-review-3594/