Technip SA and FMC Technologies Inc. (NYSE: FTI) agreed to merge in an all-stock deal, creating a $13 billion oil-services company following the worst crude-market collapse in a generation. The deal follows Range Resources Corp.’s (NYSE: RRC) announcement to buy Memorial Resource Development Corp. (Nasdaq: MRD).

The combination will give Technip investors two shares in the new business for every Technip share held, while FMC investors will get one, the companies said Thursday. They expect the tie-up to deliver at least $400 million in annual pretax savings in 2019.

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