Competition authorities raise concerns

Posted on 23 Aug 2017 and read 228 times
Competition authorities raise concernsCompetition authorities have raised concerns over Aberdeen-based Wood Group’s ( planned £2.2 billion takeover of energy services rival Amec Foster Wheeler, saying that it could reduce competition in the high-cost UK Continental Shelf.

The Competition and Markets Authority has instructed the firms to provide a proposed remedy or face an in-depth investigation.

Both companies have said that they still expect the planned merger to be complete in the fourth quarter of this year, creating a company with a combined value of around £5 billion.

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