A PYMNTS Company

UK: Regulators mull over Wood Group merger plans

By  |  August 15, 2017

Regulators are considering proposals by energy services firms Wood Group and Amec Foster Wheeler to address competition concerns over their planned £2.2bn (US$2.8 billion) merger. The firms have agreed to sell a range of assets to ease the path of the deal.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The move comes after the Competition and Markets Authority (CMA) found the merger could curb competition in the supply of services to the UK oil industry. It told the firms to offer a remedy or face an in-depth investigation.

    We’d love to be your preferred source for news.

    Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

    Add as Preferred Source

    The CMA said on Tuesday it considered there were “reasonable grounds” for believing that the proposal — or a modified version of it — “might be acceptable”.

    The proposals would see Amec Foster Wheeler sell off “almost all” assets which contribute to engineering, construction and maintenance services in its upstream offshore oil and gas business in the UK.

    Full Content: Financial Times

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.