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Wood Group in £2.2bn takeover deal

13th Mar 17 10:51 am

Take a look at the new deal…

Amec Foster Wheeler has come to an agreement in a £2.2bn takeover deal by Wood Group.

Wood Group hopes to cut £110m in costs from both businesses becoming combined, it will provide services in the oil and gas, chemical and mining sectors.

The new deal will create a company with the combined value of £5bn.

Amec saw its shares rise by 13.6 per cent to 556p. Wood Group’s shares rose by 4.8 per cent to 788.5p.

Chairman of Wood Group, Ian Marchant said: “The combination extends the scale and scope of our services, deepens our existing customer relationships, facilitates further development of our technology-enabled solutions and broadens our end market, geographic and customer exposure.”

“Delivering significant sustainable synergies will also result in a leaner and more competitive combined group, creating value for shareholders.”

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