John Wood-Amec Foster Wheeler Merger To Complete In October

John Wood-Amec Foster Wheeler Merger To Complete In October”

John Wood Group PLC (LON:WG.) said today that it is confident of completing the acquisition of Amec Foster Wheeler PLC (LON:AMFW) in October after the UK Competition & Markets Authority formally accepted remedies offered last month, having previously provisionally accepted them.

In March 2017, Wood Group struck a transformational agreement to acquire the North West-based engineering group.

The firms have agreed to sell a range of assets after the Competition Markets Authority (CMA) found the merger could curb competition in the supply of services to the United Kingdom oil industry.

Following public consultation, the CMA said the plan addressed its concerns.

To address the CMA's competition concerns, the companies offered to sell off nearly all of Amec Foster Wheeler's assets which contribute to these services in its upstream offshore oil and gas business in the UK.

Wood Group had proposed to divest a majority of Amec Foster Wheeler's upstream oil and gas assets and operations in the United Kingdom when the deal was announced in March. The watchdog has therefore decided that the merger will not be referred for an in-depth, phase two investigation.

Wood Group's chief executive Robin Watson said the group was "very confident" the acquisition will now complete in October.

"It is crucial that competition is maintained in this major United Kingdom industry", said Kate Collyer, deputy chief economic adviser and decision maker in this case.

The remedy consists of the majority of Amec's United Kingdom upstream oil and gas business, excluding its commissioning business qedi.

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