Wood Group, the UK oilfield services specialist, which is in the midst of a £2.2bn takeover of rival Amec Foster Wheeler, is keen to avoid the sale of its target’s nuclear business, which was initiated before the acquisition was agreed. London-listed Amec put its civil and defence nuclear operations up for sale at the start of March as part of a campaign to raise £500m from disposals to help tackle its £1bn debt load. Less than a fortnight after announcing the sale process, Amec’s board agreed the all-share takeover by Aberdeen-based Wood. The deal was struck just over a week before Amec was planning to go cap in hand to shareholders for £500m via a rights issue to bolster its balance sheet.
FT 29th May 2017 read more »