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UK: Engineering group Amec reaches buyout target

By  |  January 13, 2014

Engineering consultancy giant Amec, based in the UK, announced Monday it reached an agreement to acquire Foster Wheeler for $3.2 billion.

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    The buyout of the engineering and equipment group has reportedly been in the works by Amec for several months in efforts to boost exports to the US, Latin America and the Middle East.

    The buyout follows last September’s $1.1 billion offer by Amec to acquire oilfield servicer Kentz Corp, a deal that ultimately fell through.

    Reports say part o the conditions of the deal will require Amec to list itself in the US.

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