watchdog approves £2.2bn Wood Group takeover of Amec

 

A £2.2 billion merger between energy giant Wood Group and Amec Foster Wheeler has been formally accepted by the Competition and Markets Authority.
Concern had been raised the deal would reduce competition for oil services in the UK continental shelf.
   
As a remedy, the companies are to sell the majority of Amec Foster Wheeler’s business based in the UK, which has been accepted by the CMA.
The merger expected to be completed in October.
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.”
 
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  Source: Energy Voice