CCI Approves Acquisition of an additional minimum of 11.82% and a maximum of 17.25% of the Outstanding Shares of Technip Energies by Bpifrance Participations

On February 24, 2021, CCI approved the acquisition by Bpifrance Participations S.A. (‘Bpifrance’) of an additional minimum of 11.82% and a maximum of 17.25% of the outstanding shares of Technip Energies B.V. (‘Technip Energies’). The proposed combination would result in an increase in shareholding of Bpifrance in Technip Energies from 14.07% to 20%.

Bpifrance is a French company, which indirectly and jointly owned by EPIC Bpifrance, and the Caisse des Dépôts et des Consignations (CDC) group (through Bpifrance S.A.). Bpifrance does not directly have any presence in India.[1]

Technip Energies, a company incorporated in the Netherlands, belongs to the TechnipFMC plc group. It is an engineering and technology company that manages engineering, procurement and construction (‘EPC’) projects (including onshore and offshore business). In India, Technip Energies is engaged in the provision of EPC services and internal support services in the chemical, refining and petrochemical, polymer, oil and gas, fertilizers and other allied industries.

CCI found no horizontal overlaps or existing vertical/complementary overlaps between the business activities of the two parties in India. It also considered that the products or services of either party are not essential for each other’s business activities.  CCI accordingly found no competitive concerns arising from the proposed acquisition.

[1] Combination Registration No.C-2021/01/809.

Published In:Inter Alia Special Edititon - Competition Law - April 2021 [ English
Date: April 29, 2021