Remedy accepted by CMA
Wood merger secures watchdog approval
Robin Watson: relentless focus
Wood Group’s £2.2 billion merger with Amec Foster Wheeler will complete next month after competition watchdogs formally accepted a change to the sale deadline of some assets.
Amec Foster Wheeler appealed to the Competition and Markets Authority for a delay in selling its UK upstream oil and gas business in advance of completing the deal.
The CMA accepted the remedy in principle on 15 August and has now given it official backing.
It means the merger should complete in the next few weeks following receipt of merger clearance in Mexico.
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 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.”