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Wood Group to buy Foster Wheeler for $2.69 billion

 

 

BENGALURU
Petroleumworld.com 03 14 2017

Oilfield services firm John Wood Group said on Monday it proposed to buy smaller peer Amec Foster Wheeler for a recommended all-share offer valued at about 2.2 bln pounds ($2.69 billion).

The all-stock deal for 5.64 pounds per share represents a 15.3 percent premium to Amec Foster's Friday close of 489.2 pence.

Amec Foster shareholders will receive 0.75 of new Wood Group share for each share held, the company said.

($1 = 0.8184 pounds)

Reporting by Justin George Varghese in Bengaluru; Editing by Gopakumar Wa from Reuters.

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