Shareholders say Yes! to Wood Group-Amec FW merger

first_imgWood Group and Amec Foster Wheeler have approved Wood Group’s recommended all-stock offer for Amec Foster Wheeler.The offer was launched by Wood Group back in March, under which each Amec Foster Wheeler shareholder will receive for each Amec Foster Wheeler share 0.75 new Wood Group shares.Based on the closing price of £7.52 per Wood Group share on March 10, 2017, the terms of the combination value the issued and to be issued share capital of Amec Foster Wheeler at approximately £2.225 billion ($2.72B).According to Wood Group, the proposed deal received overwhelming support from both sets of shareholders. The deal remains subject to relevant clearances from competition authorities in certain countries where both companies operate. It is expected that the transaction will complete in the fourth quarter of 2017.The deal remains subject to relevant clearances from competition authorities in certain countries where both companies operate. It is expected that the transaction will complete in the fourth quarter of 2017, Wood Group said on ThursdayRobin Watson, Chief Executive, Wood Group, said he was delighted that both sets of shareholders have shown support for the all-share offer for Amec Foster Wheeler.“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 & gas.”“Amec Foster Wheeler has a strong operational capability, a leading service offering and broad sector exposure and we have complementary asset light, flexible business models. This is fundamentally a great growth story. By building on Wood Group’s existing range of services, the quality of our delivery and the passion of our people, together we will have a stronger, broader business across a wide range of sectors.”“UK’s truly global” 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. 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.Wood Group said that with a market capitalization of around GBP 4.6bn at current share prices, Wood Group will consolidate its position “as one of the UK’s truly global businesses.”The company said the combination will give “global career opportunities to employees from both companies and to people in the regions where we operate, across a broad range of services.”“The North East of Scotland, where we are headquartered, has generated international business for several decades, so it’s a terrific boost for Scotland that one of the UK’s largest international employers will be based there when the deal closes. Work now begins on the planning to integrate the talent, expertise and experience of our two great companies,” the company said.ProbeWhile the shareholders may have approved the merger, the UK Competition and Markets Authority (CMA) has yet to give its nod.The government body has earlier this week announced the launch of its merger inquiry to see if the transaction, if carried into effect, will create a situation which may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.The deadline for the CMA to announce its decision whether to refer the Merger for a Phase 2 investigation is  August 7, 2017.last_img read more

Men’s basketball: Happ’s 32 points salvage Badgers at Madison Square Garden

first_imgThe University of Wisconsin men’s basketball team returned to Madison after an overtime thriller Saturday at Madison Square Garden in New York, where the Badgers overcame improbable Rutgers University in a defensive showdown.Head coach Greg Gard acknowledged the offensive woes, but was also proud of the way his team kept playing loose and confident throughout the entire game.Wisconsin scored fewer points than minutes expired through the first 36 minutes of play, and with 3:22 on the clock the Badgers faced a seemingly insurmountable nine-point deficit (41-32).Women’s hockey: Badgers set NCAA attendance record at Kohl Center amid three-game homesteadWisconsin routed Minnesota State University, Mankato to cap off a three-week homestead that featured an NCAA record-setting attendance for a women’s Read…The Badgers trailed for most of the second half until a bucket by sophomore forward Ethan Happ tied the game 45-45 with less than three seconds on the clock to force overtime.“We struggled to score and put the ball in the basket,” Gard said. “[The players] did a good job of staying loose.”The Badgers had one of their worst three-point shooting games of the season against the Scarlet Knights, but Gard offered up some of his best jokes as evidence of how he kept the players loose and upbeat during the rough offensive performance.“Why did the cookie go to the hospital?” Gard joked. “He was feeling crummy.”Jokes like this one and relentless effort from senior leader Zak Showalter helped the Badgers stay and do just enough to force an overtime period. Gard complimented Zak Showalter for his efforts throughout the game.“It was the energy and toughness plays,” Gard said. “[Showalter] contributes in a lot of ways.”With the rebound momentum from Saturday’s win at Madison Square Garden, the Badgers travel to Champaign to take on the University of Illinois. The Fighting Illini have proven to be much better at home than away this year, presenting a tough challenge for a Badger team trying to stay tied atop the Big Ten standings.“They are a much more potent team, for whatever reason, at home,” Gard said.Hayes: Biegel, Clement could use 2017 Reese’s Senior Bowl to climb NFL draft boardsWhile their careers on the field for Wisconsin may be over, Badger seniors Corey Clement and Vince Biegel have one Read…Gard was also asked about the release of the first four seeds from every region on Feb. 11 and seemed to reflect the attitude many have had since the early projections were announced.“We play two to three times a week, it could change tomorrow,” Gard said. “In terms of our approach, it does not change.”The newly crowned No. 10 Badgers will attempt to continue their ascent up the polls Tuesday night with an 8 p.m. tip at Illinois.last_img read more