Bloomberg News

Technip to Buy Cybernetix for Robots; Shareholders Agree Deals

November 04, 2011

Nov. 4 (Bloomberg) -- Technip SA, Europe’s second-largest oilfield-services provider, plans to buy Cybernetix SA for its robot technology used in underwater oil and gas operations and radioactive sites after agreeing deals with major shareholders.

Technip won exclusive commitments from shareholders owning 45.7 percent, including Chairman and Chief Executive Officer Gilles Michel, Askoad Conseil, Comex SA and Sercel Holding SA, to buy their stock at 19 euros apiece, it said in a statement. That’s a 36 percent premium to the last closing price of 14 euros. The stock is suspended today on the Paris exchange.

The company plans to begin a takeover bid this month for the remaining shares at the same price offered to the holders, valuing the company at 30.9 million euros ($43 million).

Cybernetix, based in Marseille, is the third acquisition Technip announced this year after agreeing in September to pay $937 million for underwater energy company Global Industries Ltd. and buying offshore wind cable installer Subocean Group.

Cybernetix designs and makes robotic systems for factories, offshore oil and natural gas projects and nuclear facilities. Technip yesterday announced a three-year technology tie-up with France’s Atomic Energy Commission.

--Editors: Tony Barrett, John Viljoen

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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