The transaction between Technip and CGG does not convince the state for the moment (Google Translation)
Officially, the state has a neutral position in the merger between Technip and CGG. Behind the scenes, however, it is not (yet) convinced by this.
What will Technip on the CGG file while the Christmas break is fast approaching? Will he throw in the towel before the little enthusiastic response to his offer, including the part of the State, or he is preparing a new offer more attractive? But he has the will and especially the means? One thing is certain, the state as a shareholder of MBC, which notably strengthened in June 2010 via BpiFrance interests (while ISPs) in the capital of oil services taking 6% over about 17 euros the action is not convinced by the offer. "The price for CGG and industrial project are not," says a source close to the case in La Tribune. This is the position of the state, which "look carefully what happens."
Technip, the case is complicated a bit more, even if the state did not de facto arbiter. But this is, however, difficult to do without his consent - at least implied. It is also the capital of both groups. Certainly, to a minor extent. In CGG, it has almost 11% of CGG via two vehicles: BpiFrance holdings (7.04%) and IFP (French Petroleum Institute) Energies Nouvelles (3.59%). Technip, it has a little less than 8% of its capital: BpiFrance Holdings (5.20%) and IFP Energies Nouvelles (2.50%). For these reasons, the state remains in an official position of neutrality, the directors of the state is not taking part in the debate or vote when this operation is mentioned because of their presence in the two councils.
An ongoing expertise
The State questioned such a rapprochement between Technip and CGG "? Downstream, Upstream Services industry We are not sure yet" the relevance of this operation. This is also why an expert is ongoing. In addition, the draft Technip to retain a portion of CGG awakens fears for employment. Especially since at CGG, it does not hesitate to recall that, in the Essonne Massy, riding the Prime Minister Manuel Valls, about 400 employees work in the Acquisition branch Technip wishes to transfer.
"The state is very bothered by the possible dismantling" do you note in the group's entourage. Above all, many observers fear that the supply of Technip opens a Pandora's box with possible against-offer of a new player. Not impossible in a process of consolidation in the sector.