Wood Group’s recommended all-share offer for Amec Foster Wheeler has received the support of shareholders of both companies.
The deal is expected to be completed in the fourth quarter of 2017, once all relevant clearances are received from competition authorities in certain countries where both countries operate.
Speaking of the takeover, Robin Watson, Wood Group’s CEO, said the move would create a giant in “project, engineering and technical services delivery across a broad range of industrial markets, predominantly focused on oil & gas.”
The combined group will be led by Robin Watson as chief executive and David Kemp as chief financial officer. Ian Marchant will continue as chair, Wood Group said.
On completion, certain members of the Amec Foster Wheeler board will join the board of the combined group, Roy Franklin will join as deputy chair and senior independent director, and Ian McHoul and Linda Adamany will be appointed as non-executive directors.