Merger of Technip and FMC gets the nod in Brazil

Brazil’s antitrust body CADE (Administrative Council for Economic Defence) has given its consent to the merger of French energy industry services company Technip with US subsea equipment firm FMC Technologies.

CADE’s approval was the last major administrative hurdle for the amalgamation, which was first announced in May this year. Other global jurisdictions had already given their OK to the move.

The CADE decision is subject to a 15-day waiting period and the transaction is expected to be complete in early 2017.

Shareholders of Paris-based Technip and Houston-based FMC also need to give approval but that should be a formality.