Technip, the list of departures abroad is growing – Les Echos

This is a decision that has something to dampen spirits. On the occasion of the announcement of its merger with the Texas FMC Technologies, the French Technip has decided to install its headquarters in Britain. A choice that marks a new departure abroad of a CAC 40 company after that of Lafarge, Holcim married to Swiss, or Alcatel-Lucent swallowed by Nokia. “ You had a neutral territory for both companies, and we already had a joint venture based in London “, justified the CEO of Technip, Thierry Pilenko.

“The industrial reasons”

The oil services group has forbidden any tax contingency in the matter . The act of installing the seat in London will “no impact” on the tax base of the group in France or elsewhere, because “we pay our taxes in countries where the one works. “ ” It’s not something that we built for tax reasons, but for industrial reasons, “ said Thierry Pilenko.

“For Americans, London is important. It is a natural gateway to Europe in their eyes, “ is suitable Alain Trannoy, study director at the EHESS and co-author with Farid Tubal, a study on the attractiveness of the France for the Council of economic analysis. But he stressed that the tax argument is often decisive for the headquarters. Moreover, London has announced that its maximum tax rate on corporations would fall to 18% in 2020, against 38% in France.

Rare situation for bpifrance

Another prominent feature, bpifrance now finds a shareholder group with headquarters is abroad. A rare situation for a body whose objective is to support the long term of the French companies, even if it is already present in the capital of Constellium, whose registered office is, too, the Netherlands. “We were very careful that the new group from Technip and FMC retains an important French anchor, which is the case with decision centers, industrial facilities, and the seat of the R & amp; D which will remain based in France, “ defends Bertrand Finet, executive director of bpifrance.

In fact, several CAC 40 companies have already their headquarters abroad as Solvay (Belgium) or Airbus (Netherlands). The first because it is Belgian origin and has got hold of Rhodia. And the second because it intends to benefit from the facilities offered by local legislation for holding companies. But after the acquisition of Lafarge by Holcim, energy activities of Alstom by General Electric and Alcatel-Lucent by Nokia, Technip’s decision to install the headquarters of the new group in London necessarily a concern.

Decline in France

In a study published late April on the attractiveness of France for business, the Council of economic analysis found a sharp erosion of thirty years from the Hexagon in favor of Germany and Belgium, in the centers of decision, that is to say the welcoming sites strategic functions. In 1980, France was the European country that hosted the most (20.5% of total). In 2012, she fell in fourth place (16.8%).

Can we change this? The authors estimate unrealistic to initiate a battle on the location of headquarters. “Lower radically corporate taxation to attract seats would result in a significant shortfall for limited gains in terms of jobs and activity. “ However, France still has a card to play on the centers of decision at large, developing university centers of global excellence and ensuring fiscal stability for executives with high incomes. All in order to limit bleeding.

Emmanuel Grasland, Les Echos