UK: Wood Group Takeover of Amec Could Hurt Competition
Britain's market regulator said a takeover of Amec Foster Wheeler by oilfield services firm Wood Group could hurt competition.
Wood Group in March agreed to buy Amec Foster Wheeler for 2.2 billion pounds ($2.7 billion).
Britain's Competition and Markets Authority (CMA) said that the merger could lead to competition concerns in the supply of engineering and construction services and operation and maintenance services on the UK continental shelf.
Wood Group has until August 9 to formalise its proposals for addressing concerns about the deal or it will be referred for an in-depth probe, the CMA said.
Reporting by Rahul B
