CGG SA Shares Plunge After Technip Nixes Offer

CGG SA CGG shares plunged after Technip TKPPY backed out of a buyout offer equal to $10.31 a share. Paris-based CGG, which provides seismic services to the oil and gas industry, changed hands recently at $6.06 per American depositary receipt, down nearly 29 percent. Technip said Sunday it won't make a tender offer for CGG after discussions that began Nov. 10 failed to result in an agreement. CGG, off more than 64 percent in the year to date, said separately it expects to remain independent and is "in a position to weather current difficult market conditions" and will benefit from a "future market rebound." Technip, also based in Paris, provides engineering and construction services to the oil and gas industry, had issued a press release Nov. 20 outlining a proposed offer at EU8.30 a share in cash.