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Bids, Mergers and Takeovers

Wood Group's remedy for Amec takeover accepted in principle

15 August 2017 09:23

The Competition and Markets Authority (CMA) has accepted in principle a remedy offered by Wood Group for its takeover of Amec Foster Wheeler.

The remedy consists of the majority of Amec Foster Wheeler's UK upstream oil and gas business located in the UK and serving UK customers.

The CMA will now undertake a public consultation before issuing its final decision which is due by 12 October 2017.

The M&A process for the remedy is already at an advanced stage.

The CMA does not require the parties to complete the sale of the remedy business in advance of completing the combination.

As a result, Wood Group and Amec Foster Wheeler continue to expect the combination to complete in the fourth quarter of 2017.

At 9:23am: (LON:WG.) John Wood Group PLC share price was -9.75p at 591.25p

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