Wood Group and Amec Foster Wheeler shareholders approve oil services merger

 
William Turvill
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(FILES) File Photo taken in the North Se
Wood Group agreed a takeover deal for Amec Foster Wheeler in March (Source: Getty)

Shareholders of oil services firms John Wood Group and Amec Foster Wheeler today waved through their merger.

Wood Group’s £2.2bn takeover of Amec, agreed in March, is now expected to complete in the fourth quarter of this year. Both firms won more than 99 per cent approval in shareholder votes today.

“I am delighted that both sets of shareholders have shown support for our all-share offer for Amec Foster Wheeler,” said Wood Group chief executive Robin Watson, who will lead the combined group.

Read more: Wood Group offers to sell rival's North Sea unit to gain takeover approval

“Our coming together is a tremendous opportunity for our employees, our customers and our investors.

“Today we take another significant step towards creating a global leader in project, engineering and technical services delivery across a broad range of industrial markets, predominantly focused on oil and gas.”

The £2.2bn takeover is not out of the, ahem, woods yet. Earlier this week, the Competition and Markets Authority launched an inquiry into the merger. It will report back with its phase one findings on 7 August.

Read more: UK oil services companies in £5bn merger deal

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