• Text size      
  • Send this article to a friend
  • Print this article

Engineer Amec bids to buy Swiss rival Foster Wheeler

Engineer and project manager Amec has bid to buy Swiss rival Foster Wheeler in a deal worth £1.9 billion which will combine two big players in the UK's oil and gas sector.

London-listed Amec employs 29,000 people in around 40 countries and generates annual revenues of £4.2bn from markets including energy, mining and infrastructure.

Foster Wheeler has more than 13,000 staff in more than 30 countries. Both companies have bases in Aberdeen and Glasgow while Amec also has an office in Edinburgh.

Amec said it has provisionally agreed the terms of a cash and shares deal and the combination would create a new company valued at £5bn.

The two firms already work together after recently securing consultancy contracts in Kuwait for the building of a new refinery.

Contextual targeting label: 

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.