Coflexip yet to decide on Technip offer

Coflexip SA, a French maker of deep-sea oil pipes that Technip SA has offered to buy, has yet to decide how it will respond, the company has said. “We are taking the offer into consideration,” Coflexip investor relations officer Miranda Weeks told Reuters. “The (board) meeting is expected to take place in the coming days. There is no prejudice to the outcome at this point.” Whatever the Coflexip board decides, the takeover would be difficult to fight off, given that state oil holding company Isis SA has agreed to be bought by Technip. Technip already owns 30% of Coflexip’s shares after they formed an alliance in April 2000, while Isis holds 17% of Coflexip.

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