European Commission approves AMEC takeover of Foster Wheeler

After deal did not raise competition concerns

UK consultancy and engineering company AMEC plc has taken over Swiss rival Foster Wheeler, a pharmaceutical project management company, in a US$3.76bn deal.

The European Commission gave the deal the green light after finding in an investigation that the relative market positions of the two companies did not raise competition concerns.

'The Commission concluded that the proposed acquisition would not raise competition concerns, because of the moderate combined market positions resulting from the transaction,' the European Commission said in a statement.

The offer involved a public tender offer, including a combination of cash and AMEC securities.

The companies entered into a definitive agreement for AMEC to acquire Foster Wheeler in February.

Foster Wheeler is based in Zug, Switzerland and its executive headquarters are in Reading, UK.

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