Amec Foster Wheeler must sell upstream companies to help £2.2b Wood Group deal

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Amec Foster Wheeler Plc has proposed the sale of almost all of its upstream offshore oil and gas servicing assets in order to satisfy the UK’s Competition And Markets Authority (CMA) before being bought by John Wood Group Plc in the proposed £2.2billion deal.

The CMA has agreed that this asset sale may be acceptable but the companies are not required to complete the sale of the assets before completing the merger.

Wood Group said the company sees no change in the expected completion date pencilled in for the fourth quarter of this year.


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