Nov. 13, 2014, 8:29 AM
- Amec (OTCPK:AMCBY) has completed its offer to purchase all of the issued and to be issued registered shares of Foster Wheeler (NASDAQ:FWLT), creating a combined entity to be known as Amec Foster Wheeler.
- The new company has a workforce of over 40K in more than 50 countries, 2013 annualized scope revenues of £5.5B and a £6.3B order book.
- Amec Foster Wheeler ADSs will begin trading on the NYSE today on a "when issued" basis under the ticker "AMFW".
- Ticker "FWLT" will be delisted from the NASDAQ.
- Previously: U.K.'s Amec agrees to buy Foster Wheeler for $3.1B
Oct. 23, 2014, 11:04 AM
- Foster Wheeler (FWLT +0.6%) has completed the acquisition of MDM Engineering Group (OTC:MDMEF) on terms consistent with the merger implementation agreement entered into on March 12, 2014.
- "This acquisition...provides a platform for growth in Africa, one of the fastest growing mining regions in the world, and in other regions," says Foster Wheeler CEO J. Kent Masters.
- MDM will now become part of the rapidly growing Minerals and Metals group within Foster Wheeler.
- Previously: Foster Wheeler, MDM receive merger approval
Sep. 12, 2014, 12:21 PM
- Foster Wheeler (NASDAQ:FWLT) has told employees that changes to the company’s structure associated with its acquisition by AMEC (OTC:AMCBF) will not take place until next year.
- The deal is expected to be complete in Q4 but the companies have decided not to fully integrate this year, CEO Kent Masters said in a letter to employees.
- FWLT agreed in February to be acquired by AMEC, a British energy focused engineering and project management company, in a deal valued at ~$3.3B.
Jul. 28, 2014, 7:25 AM| Jul. 28, 2014, 7:25 AM | Comment!
Mar. 13, 2014, 8:27 AM
- Foster Wheeler (FWLT) agrees to acquire South Africa-based MDM Engineering Group for $109M as it continues to grow through acquisitions.
- MDM performs preliminary and final feasibility studies as well as plant design, construction and commissioning, which FWLT says is a strong fit for the company that enhances its global capacity in its minerals and metals business.
Feb. 13, 2014, 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).
Jan. 13, 2014, 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)
Dec. 2, 2013, 8:18 AM
- Petrofac (POFCF, POFCY) is not interested in buying Foster Wheeler (FWLT), a source tells Reuters, after the Sunday Times had reported the British oil services company had entered the race to buy the Swiss-based engineering company.
- Petrofac rival Amec (AMBCF) has been eyeing FWLT as a possible takeover target in a deal that could be valued at ~$3B (£1.8B).
Nov. 27, 2013, 10:06 AM
- Foster Wheeler (FWLT +6.2%) gains ground early following reports British company Amec is eyeing it as a possible takeover target.
- "While we are not in a position to validate the authenticity of AMEC's interest or FWLT's stance, our initial research suggests such interest as possible," KeyBanc's Tahira Afzal says, commenting on the developments.
- "First of all, we reviewed AMEC's recent call transcripts, which suggest AMEC to be closely considering a notable transaction (CFO's commentary on recent interim results call on November 19, 2013). In terms of profile, management commented on focusing on low risk, cost plus business models, similar to its own model - we gauge this would place FWLT as a possibility in terms of business model profile," Afzal adds.
- "Furthermore, at an earlier conference over the summer, AMEC's Group President - Growth Regions, commented that the company was looking at acquiring, with one of its focus areas being onshore oil & gas, with particular leverage to the shale cycle in North America," the analyst concludes.
Nov. 27, 2013, 4:31 AM
Aug. 12, 2013, 10:38 AM
- MdDermott (MDR +6.6%) powers higher as Bloomberg discusses the offshore oilfield construction company as a potential takeover target.
- MDR has shed 47% in six months amid cost overruns at projects off of Malaysia and Saudi Arabia, leaving it trading at its liquidation value, and analysts say it's now vulnerable to being scooped up by rivals tempted by the still-strong brand and manufacturing operations near large crude producers.
- MDR's fleet of offshore vessels for installing heavy pipelines could appeal to competitors Technip (TNHPF.PK) and Saipem (SAPMY.PK), and perhaps to more traditional engineering and construction companies such as KBR and Foster Wheeler (FWLT).
Jun. 4, 2013, 8:43 AMFoster Wheeler (FWLT) acquires NorthAm Engineering, one of Mexico's biggest engineering and project management companies. The deal is part of Foster Wheeler's strategy of expanding its upstream capabilities, and it provides a platform for further growth in Latin America. Foster Wheeler doesn't disclose how much it's paying but does say that NorthAm has 400 employees. (PR) | Jun. 4, 2013, 8:43 AM | Comment!
Jan. 9, 2013, 7:40 AM
AMFW vs. ETF Alternatives
Amec Foster Wheeler PLCprovides engineering, project delivery, asset support, power equipment and consultancy services. It designs, delivers and maintains strategic and complex infrastructure assets across various markets.
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