Oil merger probed

THE Competition and Markets Authority is continuing its probe into the takeover of Amec Foster Wheeler by rival Wood Group.

The £2.2bn deal has raised concerns about competition in the North Sea, as the group has a combined share of around 60pc of the market. The CMA has been looking at the deal and inviting comments, and said yesterday it would decide by August 7 whether to go ahead with a full probe. Wood Group has already offered to sell Amec’s North Sea unit in an attempt to put concerns to rest – raising fears for around 4,200 Amec jobs.