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Seismic firm TGS mulls $400 million equity issue for PGS transaction

OSLO (Reuters) - Seismic surveyor TGS TGS.OL could raise up to $400 million in new equity to pay for its proposed $600 million cash offer for a key unit of rival PGS PGS.OL, a senior TGS official told Reuters on Friday.

“If this transaction is made, we would seek to raise up to $400 million in a share issue,” said Sven Boerre Larsen, who heads TGS’s business development and acquisitions team.

PGS in a separate statement on Friday said it would consider the offer for its so-called multiclient data library, which TGS announced late on Thursday.

Reporting by Terje Solsvik, editing by Gwladys Fouche

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