Companies

Amec Foster Wheeler, the engineering group in the midst of a £2.2bn takeover by its UK rival Wood Group, has dropped plans to sell its European nuclear business. London-listed Amec had put its nuclear services unit up for sale before agreeing the deal with Wood in March. On Thursday, Amec said that the disposal plan had been revised to exclude the European portion of the nuclear business, in consultation with Wood’s board. Sale of North American nuclear operations would go ahead, Amec said, with an aim to complete a deal later this year. The Financial Times reported last month that Wood was keen for Amec to maintain its nuclear capabilities, which range from decommissioning work at old nuclear power plants to services for the UK’s nuclear submarine fleet. Amec said there had been “a high level of interest and a number of attractive bids” for the nuclear business. North American nuclear operations produced revenues of £83m and trading profit of £1m in 2016, the group said. The FT reported in March that SNC-Lavalin of Canada was among companies interested in Amec’s nuclear unit.

FT 29th June 2017 read more »

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Published: 30 June 2017