Technip (EPA: TEC) aims higher as Chevron Corporation (NYSE: CVX) gravitates towards red

Technip (EPA: TEC) is ready for a big deal

In brief: Technip (EPA: TEC) buys stake in MISC. Chevron Corporation (NYSE: CVX) shares continued losing value today.

Chevron Corporation (NYSE: CVX) shares fell to 74.97 points, losing -1.15%. Technip, Europe’s second largest oilfield-services company in Europe is to buy during the IPO a stake in a MISC branch engaged in heavy engineering.

It is reported that Technip intends to acquire a 9.9% stake in MISC-owned Malaysia Marine & Heavy Engineering Holdings. The transaction cost hasn’t been disclosed. It is worth noting that MISC, world’s largest operator of tankers transporting liquefied natural gas, said it would sell 25,5% Malaysia Marine during the IPO.

Igor Tringlers
2010-08-20 14:58, Economics.

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