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Technip shares fall as ENI denies bid plan

Wednesday, 29 November 2006

Technip shares had jumped Friday amid speculation ENI planned to buy the French firm and merge it with two firms it controls, Saipem and Snamprogetti, to create a world leader in LNG plant and terminal construction.

“With reference to market rumours in the French press and following the request of the Italian Stock Exchange Authority, ENI states that it is not planning to launch a bid for Technip,” the ENI statement said.

Shares in Technip soared almost 10 percent last week to 56.75 euros ($74) in Euronext trading on reports that ENI was trying to put together a merger.

ENI SpA Investor Relations