Wood nails Amec takeover

WOOD Group’s £2.2billion takeover of oil services rival Amec Foster Wheeler is set to be completed next month after it avoided an in-depth competition probe.

The Competition and Markets Authority said competition concerns would be “fully addressed” by the companies’ offer to sell nearly all Amec’s North Sea offshore oil and gas exploration services business in the UK.

The two businesses have a combined workforce of about 64,000

Wood Group chief executive Robin Watson said: “We are very confident of completing the acquisition in October.”