CGG SA Shares Plunge After Technip Nixes Offer
CGG SA (NYSE: CGG) shares plunged after Technip (OTC: TKPPY) backed out of a buyout offer equal to $10.31 a share.
CGG, which provides seismic services to the oil and gas industry, changed hands recently at $6.25 per American depositary receipt, down 26.6 percent.
Technip said Sunday it won't make a tender offer for CGG after discussions that began November 10 failed to result in an agreement.
CGG, off 64 percent year-to-date, said separately it expects to remain independent and is "in a position to weather current difficult market conditions" and will benefit from a "future market rebound."
Technip provides engineering and construction services to the oil and gas industry, had issued a press release November 20 outlining a proposed offer at EU8.30 a share in cash.
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