Mexico: Wood Group, Amec US$2.72 billion merger approved

The Wood Group’s proposed US$2.72 billion deal to take over Amec Foster Wheeler is closer to completion following approval from the Mexican antitrust commission last week.

“Following approval by the Mexican antitrust commission, Wood Group considers that all of the regulatory and third party clearance conditions set out in paragraphs 2 to 14 of Part III of the scheme document have now been satisfied,” the company said in a scheme of arrangement filing.

A court hearing to sanction the scheme is expected to be held on October 5, with the effective date of closure expected to be on October 6.

The acceptance of the remedy from the Competition and Markets Authority (CMA) was revealed last week on September 12.

The remedy consists of the divestiture of most of Amec Foster Wheeler’s UK upstream oil and gas business in the UK.

Wood Group Chief Executive Robin Watson said that the CMA decision came earlier than expected.

Full Content: Energy Voice

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