Technip's $1B Global Industries Buy Spurs Investor Suit

Law360, New York (September 14, 2011, 4:54 PM EDT) -- A Global Industries Ltd. shareholder launched a putative class action Wednesday in Texas over French oil and engineering company Technip SA's planned $1.1 billion buyout, saying the deal undervalues the company.

"The timing of the proposed acquisition is intended to take advantage of the company's temporary low, current evaluation following a less than stellar August earnings report and an overall slide of the world economy," the suit said. "The so-called 55 percent premium touted in the press release is entirely misleading."

The transaction would "allow Technip...
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