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U.K. competition watchdog OKs Wood Group-Amec Foster Wheeler merger

Sep. 13, 2017 2:56 PM ETJohn Wood Group PLC (WDGJF) StockWDGJF, AMFWBy: Carl Surran, SA News Editor1 Comment
  • The U.K.’s Competition Markets Authority has approved Wood Group’s (OTCPK:WDGJF) €2.2B purchase of Amec Foster Wheeler (NYSE:AMFW) after addressing competition concerns.
  • The watchdog says Wood’s offer to sell "almost all" of AMFW's North Sea assets in engineering and construction services and operation and maintenance services is sufficient to clear competitive concerns.
  • The "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," says Wood CEO Robert Watson.

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