Foster Wheeler’s board recently agreed to UK engineering firm AMEC’s proposal to acquire the engineering firm for $3.2bn in cash and stock. Foster Wheeler shareholders will be given a 23% stake in AMEC after the deal is completed.
In acquiring Switzerland-registered Foster Wheeler, AMEC will pick up business across the globe – particularly in the key “reemerging” oil and gas producer, the United States, where the UK company has a strong position. AMEC’s presence in the Middle East, where Foster Wheeler conducts nearly a quarter of its engineering and construction business, is also set to strengthen considerably – the three other stories involving the company in this week’s MEES (see p2, p7 and p8) evidence the firm’s strong pan-regional presence. (CONTINUED - 1039 WORDS)
