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TGS-Nopec to terminate merger plans with Wavefield Inseis


TGS said the management and board are now unanimously of the view that a friendly merger is no longer possible.

Published Aug 19, 2008
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TGS-Nopec’s board has recommended the company terminate the planned merger with Wavefield Inseis and seek compensation of US $700m.

TGS said that during the past 12 months, it has “worked diligently” to make the merger a success, while “Wavefield has consistently objected to completing the agreed and approved merger since October 2007, and has required improve¬ments in favour of Wavefield shareholders.”

TGS said the management and board are now unanimously of the view that a friendly merger is no longer possible.