CMA approves Wood Group’s Amec takeoverStaff Writer | September 13, 2017
The CMA has accepted proposals to resolve competition concerns regarding Wood Group’s purchase of Amec Foster Wheeler.
Acquisition Both provide engineering services
Both provide engineering services to the Upstream Offshore oil and gas sector in the UK Continental Shelf.
After the CMA found that competition concerns could arise in the supply of engineering and construction services and operation and maintenance services, the companies offered to sell Amec Foster Wheeler’s businesses in these areas to address the CMA’s concerns.
The CMA found that this proposal would, in principle, be suitable to address its competition concerns and opened a public consultation in August.
Following this, the CMA is now satisfied the issues it identified will be fully addressed by the remedy offered.
The CMA has therefore decided that the merger will not be referred for an in-depth, phase 2, investigation.
Amec Foster Wheeler’s relevant assets will now be sold to a purchaser approved by the CMA. ■