Nuclear sale ditched

OIL services company Amec Foster Wheeler has ditched plans to sell its European nuclear unit, but is pressing ahead with selling its North American nuclear business.

The company said in March it planned to sell both to raise about £ 246m. But it has changed its mind after consulting the board of Wood Group.

The North American nuclear business made revenues of about £83m and a profit of £1m in 2016. A sale could be completed this year.

Amec is being taken over by rival Wood Group, which says the deal will help it in the US shale gas industry.