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Thu, Feb. 13, 7:41 AM
- AMEC (AMCBF) signs a definitive agreement to acquire Foster Wheeler (FWLT) in a cash-and-shares deal valued at ~$3.3B, confirming last month's announcement of a provisional agreement between the parties.
- AMEC says FWLT's capabilities in the refining and processing of oil and gas will complement its business in exploration and production, and the deal will more than double AMEC's revenue in high-growth regions such as Latin America.
- The news came as AMEC reported a 3% increase in FY 2013 EBITDA of £343M ($566M).
Mon, Jan. 13, 2:35 AM
- U.K. engineering company Amec (AMCBF) has provisionally agreed to acquire Swiss peer Foster Wheeler (FWLT) for £1.9B ($3.13B) in cash and stock.
- The deal values the latter at $32 a share, not far above the company's close of $31.46 on Friday. The firm's shareholders would receive 23% in Amec, which would seek a U.S. listing.
- The transaction would position Amec "to serve across the whole oil and gas value chain," the company said, "adding mid and downstream capabilities to Amec's existing upstream focus and bringing new customer relationships." (PR)
Nov. 27, 2013, 4:31 AM
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