French oil services group Technip will not make an offer for seismic surveys specialist CGG after talks with the company failed to reach an agreement.
The group said in a statement it had put forward “a number of alternative options to a tender offer” in discussions with CGG but failed to reach a deal.
“Under these circumstances, Technip informs the market that it does not intend to file a tender offer for CGG,” the company said.
In November CGG declined a $1.82bn takeover offer from Technip.
The seismic company said on Sunday it had “remained open to dialogue and studied all proposals” since the emergence of Technip’s unsolicited approach but that “the board of CGG considered that none of the proposed options were creating value for the company”.
“CGG is in a position to weather current difficult market conditions,” it added.
Its shares tumbled on Thursday and Friday following a report that the French government had doubts about a Technip tie-up.
The stock ended the week almost 15% down on Wednesday’s close.
