FRENCH engineering group Technip has withdrawn its unsolicited takeover bid for geoscience group CGG of €8.30 per share.
Technip had approached CGG on 10 November in a bid to create what it said would be a first tier oil and gas services provider – with the potential takeover to take place in the form of a public tender offer.
But CGG rejected the initial bid, saying the offer did not meet its conditions to pursue.
Since then, Technip said it had put a number of alternative options to a tender offer to the company.
“However, the discussions of these options did not result in any form of agreement,” the company said in an announcement.
CGG said that it had studied all of Technip’s proposals.
“The board of CGG considered that none of the proposed options were creating value for the company and its stakeholders.” it said in an announcement.
“CGG remains confident in the ongoing execution and the success of its strategy as an independent company.”