Regulators have accepted proposals by Wood Group and Amec Foster Wheeler to address competition concerns over their planned £2.2 billion (US$2.9 billion) merger.
The firms have agreed to sell a range of assets after the Competition Markets Authority (CMA) found the merger could curb competition in the supply of services to the UK oil industry.
The companies were told they could face an in-depth investigation. Following public consultation, the CMA said the plan addressed its concerns.
Amec Foster Wheeler will now sell off “almost all” assets which contribute to engineering, construction and maintenance services in its upstream offshore oil and gas business in the UK.
Full Content: Euro News
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