CGG Rejects $1.8 Billion Bid From French Technip

摘要

French-listed seismic player CGG on Thursday rejected a ?1.46 billion ($1.83 billion) takeover bid from larger compatriot Technip, prompting more talk of consolidation in the oil-field services sector, which has been hit by the steep decline in oil prices and cuts to E&P capital spending. CGG's shares jumped over 22% in Paris trading on Thursday after Technip disclosed that it had made an unsolicited offer for CGG on Nov. 10 of ?8.30 per share -- representing a 27% premium to CGG's closing share price on Nov. 19. Technip shares were down over 7% on Thursday.