Economy

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.

More news: Myanmar committing genocide against Rohingyas: National Human Rights Commission

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.



Like this

loading...
loading...

Latest


12 September 2017
JD Sports profit rises 33%; lifts dividend
JD, which sells from more than 1,300 stores, has overtaken Sports Direct as the UK's leading sportswear retailer by market value. It opened 12 JD stores in United Kingdom and Ireland and 23 across mainland Europe in the first half of the year.

12 September 2017
State Highway Patrol troopers accused of lying about where they live
Some supervisors did not know if the troopers had completed the HP-740 form for their primary residences. Records, however, showed the troopers were refueling near their primary homes, Wood found.

12 September 2017
Bill Nelson in Tampa: 'This potentially could be the big one'
Hurricane Irma officially made US landfall at 9:10 a.m.at Cudjoe Key. "It's getting higher and higher", said a resident. Most of the emergency personnel had moved up to the northernmost key, Key Largo .

12 September 2017
Apple's A11 will have six cores - two powerful, four efficient
Apple's next mobile chip - the one set to power Apple's iPhones that will debut tomorrow - is going to pack a six-core processor. There are further nods to wireless charging, although the absence of animations hints that it might not be available right away.

12 September 2017
Five Former Presidents Team Up To Raise Money For Hurricane Relief
President Trump has however commended and endorsed the actions of his predecessors in a tweet in the early hours of Friday. The appeal will also be expanded to include Hurricane Irma now approaching the mainland United States.

12 September 2017
Funding case: ECP gives PTI last chance to submit details
The CEC responded that first the party should share with ECP its funding details and then worry about it being shared with others. A five-member bench of the ECP headed by Chief Election Commissioner Justice (Retd) Sardar Raza Khan heard the case.

12 September 2017
Pakistan, Turkey resolve to raise Rohingya Muslims issue at every forum
Those who have fled across the border have accused the Myanmar military of staging reprisal attacks on Muslim villages. Thousands of Rohingyas have sought to flee the fighting to Bangladesh, with almost 30,000 crossing over.

12 September 2017
Mike Riley updates injury report, talks Northern Illinois etc.
We have Devine (Ozigbo) who's played a lot and been productive, and we're going to get Jalin Bradley going. Some good runs, good passes and sharp at times, Riley said, "but way too much inconsistency".

12 September 2017
North Korea warns of harsh response against new sanctions imposed
Those demands were toned down in negotiations that followed with her Russian and Chinese counterparts. China had long anxious that an oil cutoff altogether would lead to North Korea's collapse.

12 September 2017
Nougat for Samsung Galaxy A5(2017) and A7 (2017) arrives in India
Almost 1.5 lakh people have registered on Amazon, with 72,000 pre-booking on the very first day, according to an IANS report. The Galaxy Note 8 has been garnering a lot of interest among the consumers in India.