Recommended All-share Offer for Amec Foster Wheeler: CMA Accepts Remedy

Source Press Release
Company Wood GroupAmec Foster Wheeler Plc 
Tags Corporate Deals, Deals, Oil Services
Date September 12, 2017

Acceptance of remedy by Competition and Markets Authority ("CMA") enables completion in October

The CMA has today accepted the remedy formally offered by Wood Group and Amec Foster Wheeler on 9th August. This follows the CMA’s in principle acceptance on 15 August.

The Combination is therefore now expected to complete in October 2017, following receipt of merger clearance in Mexico.

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 (excluding its commissioning business, qedi). The CMA does not require the parties to complete the sale of the remedy business in advance of completing the Combination.

Commenting on the CMA’s announcement, Robin Watson, Chief Executive of Wood Group said:

“Since we announced the deal in March, both parties have maintained a relentless focus on keeping on schedule. Today’s earlier than anticipated decision from the CMA allows us to move forward with pace and we are very confident of completing the acquisition of Amec Foster Wheeler in October.”

Jon Lewis, Chief Executive Officer of Amec Foster Wheeler said:

“We welcome today’s announcement from the CMA. We have made significant progress marketing Amec Foster Wheeler’s UK upstream oil and gas business to a range of high quality bidders, which has helped to ensure that we will close the transaction in October, bringing the many benefits of the combined company to our clients, colleagues and shareholders.”

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd