Sector News

Amec Extends Offer For Foster Wheeler To Nov. 12

November 7, 2014
Chemical Value Chain
(RTTNews) – Engineering and project management company Amec Plc (AMEC.L), which is acquiring US-based engineering and construction contractor Foster Wheeler AG (FWLT: Quote), Wednesday announced that it has extended the acceptance period for its offer to November 12.
 
AMEC has also filed a post-effective amendment to the registration statement with the US Securities and Exchange Commission.
 
The company said the offer has been extended to provide Foster Wheeler shareholders an opportunity to review the Post-Effective Amendment, which includes Foster Wheeler’s third quarter results, which were released on November 3.
 
As of November 4, approximately 94.41 million Foster Wheeler shares have been tendered into the offer, representing 94.291 percent of the outstanding shares of Foster Wheeler.
 
The company noted that all other terms and conditions of the offer and the procedures for acceptance remain unchanged.
 
Samir Brikho, CEO of AMEC, said, “I am delighted that the acquisition process is now nearing the end and completion is expected very soon. With integration planning well underway, we believe the creation of Amec Foster Wheeler is a compelling proposition for our shareholders, our customers and our employees.”
 
In London, Amec shares were losing 1.46 percent, and trading at 978.50 pence.
 
Foster Wheeler shares settled on Tuesday at $29.96, down 2.85 percent.

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