Hints and tips:
...It is a small FTSE 250 engineer that is midway through yet another turnaround after its calamitous £2.2bn takeover of Amec Foster Wheeler in 2017, which saddled it with debt and legal liabilities....
...Wood is midway through yet another turnaround after the calamitous 2017 takeover of Amec Foster Wheeler. It is a troubled mid-cap, with a market value of £971mn and negative free cash flow....
...Amec Foster Wheeler in 2016....
...“The mine’s environmental performance was also audited externally multiple times by the Kyrgyz government’s environmental consultant, AMEC Foster Wheeler, and the European Bank for Reconstruction and Development...
...Those included KBR, British company Amec Foster Wheeler — now owned by engineering group Wood — Swiss-Swedish conglomerate ABB and Petrofac....
...That means ESG analysts may need to change their models for evaluating the company, said Driss Lembachar, senior associate, transportation and infrastructure research at Sustainalytics....
...For years now, some of the biggest buyout groups have been broadening their remit, investing in infrastructure and credit, setting up long-term funds and arranging financing for other companies’ deals....
...Wood expects the deal to allow it to deleverage to close to its targets, after the 2017 acquisition of rival Amec Foster Wheeler saddled it with high debt levels....
...The company cut its exposure to oil and gas from 85 to 60 per cent with its 2017 acquisition of rival Amec Foster Wheeler....
...“We believe that the group’s sharp underperformance this year has been driven by fears around cash generation, which have largely been as a result of the Amec Foster Wheeler acquisition....
...Amec also had exposure to the industry but brought along a strong pipeline of infrastructure and environmental projects....
...Foster Wheeler....
...Wood Group’s £2.2bn takeover of rival Amec Foster Wheeler would accelerate its strategy to reduce its heavy reliance on volatile upstream oil and gas markets by “three to four years”, its chief executive...
...“Amec Foster Wheeler continues fully to co-operate with and assist the SFO.”...
...UK energy group Amec Foster Wheeler reported a more than doubling in pre-tax losses last year as it prepares for a £2.2bn merger with rival Wood Group....
...Wood Group is squeezing a bit more value from its forthcoming takeover of struggling rival Amec Foster Wheeler, saying it expects greater synergies than first announced last month....
...we are very confident of completing the acquisition of Amec Foster Wheeler in October....
...Wood Group has offered 0.75 of new shares for each Amec Foster Wheeler share....
...Fresh from news that Wood Group, the Aberdeen-based oilfield services company, has launched a £2.2bn bid to buy it, Amec Foster Wheeler says it has snagged a contract worth up to $950m with the US Air Force...
...we are very confident of completing the acquisition of Amec Foster Wheeler in October.”...
...Rival oilfield service companies are circling Wood Group and Amec Foster Wheeler with the aim of picking up assets and contracts likely to be shed by the UK pair as a result of their £2.2bn merger....
...John Wood Group agreed a £2.2bn deal for engineering services company Amec Foster Wheeler last month, while SNC-Lavalin acquired UK-listed Kentz Corporation, the oil and gas services specialist, for £1.16bn...
...Until recently, speculation had swirled that SNC-Lavalin would launch a counterbid for Amec Foster Wheeler, which last month agreed to be acquired by Scotland’s John Wood Group....
...Weakness in the oil and gas sector forced Amec Foster Wheeler to write down £440m with the Anglo-American engineering group still lossmaking despite a rise in revenue....
...Amec Foster Wheeler designs, builds and maintains engineering equipment, and relies on the oil and gas industry for much of its business....
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