Wood Group confident over takeover concerns

Wood Group’s chief executive Robin Watson yesterday said the firm remained “fully committed” to completing its acquisition of Amec Foster Wheeler despite concerns raised by the competition watchdog.

The Competition and Markets Authority (CMA) said it was concerned over the impact on competition from the deal on engineering, construction and operation and maintenance services on the UK continental shelf. Wood Group said it believes a planned sale of the majority of Amec Foster Wheeler’s UK upstream oil and gas business located in the UK would deal with the issues.

Watson said: “Both sets of shareholders overwhelmingly supported the proposed combination and we continue to believe that the proposed remedy will be sufficient to obtain clearance from the CMA.

“We remain fully committed to completing the transaction in quarter four this year,” he added.