Friday, November 24, 2006

Technip (TKP) Higher on Takeover Reports

Shares of French oilfield service company Technip (NYSE: TKP) are higher in this morning on reports from French newspaper La Tribune that Italian oil giant Eni SpA may make a bid for the company. According to the reports, Eni may merge Technip with its Saipem SpA unit.

Another French paper Les Echos reported that Saipem could offer more than 6 billion euro for Technip. A merger between Technip and Saipem would create the world's third largest oilfield-services company, behind Halliburton Co. (NYSE: HAL) and Schlumberger Ltd. (NYSE: SLB).

Technip said it has not received a takeover approach. Shares of Technip are up 7.3% in early action.

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