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 still fixing problems created by its 2017 acquisition of Amec Foster Wheeler, which in the last three years has cost $665mn in cash exceptionals and has pushed net debt towards 4 times ebitda....
...If he worked for Citadel Securities, we would fire him, as ability and integrity are at the centre of everything we do.”...
...There is symmetry to that number. Wood paid a similar amount for its then UK rival Amec Foster Wheeler (AFW) in 2017....
...In February, the SFO announced Nigeria would be paid just over £200,000 out of a settlement it had agreed with engineering company Amec Foster Wheeler, to pay the country back for tax revenue it was deprived...
...Amec Foster Wheeler Energy, now part of John Wood Group, will pay the penalty as part of a $177m global settlement with UK, US and Brazilian authorities....
...Wood has been diversifying away from its North Sea oil and gas roots in recent years, a strategy that was accelerated by its £2.2bn takeover of rival engineering group Amec Foster Wheeler in 2017....
...John Wood dived after the oil services engineer scrapped a debt-reduction target set when it bought Amec Foster Wheeler in 2017....
...The recent oil price crash has created a disconnect with fundamentals, with investors ignoring contract news and positive signs for the integration of its Amec Foster-Wheeler acquisition, said HSBC....
...It cited increasing risk to Wood’s dividend. Bolt-on mergers and acquisitions have been key both for Wood and for Amec Foster Wheeler, the peer it bought in 2017, Jefferies said....
...● John Wood dropped after the oil services group scrapped a debt-reduction target given when it bought Amec Foster Wheeler in 2017....
...Wood, the energy and industrial services company formerly known as John Wood Group, swung to an annual loss as a result of one-off costs related to its takeover of Amec Foster Wheeler (AFW)....
...Since 2014, EU oil services groups have achieved three-quarters of their planned cost cuts. Bears fear a replay of Amec’s disastrous effort to integrate Foster Wheeler....
...Foster Wheeler....
...This mindset played a crucial role in its decision not to build in Britain, because many of the UK government funding channels require collaboration with smaller partners, an approach designed to foster...
...Wood, the oilfield services group newly enlarged by its £2.2bn takeover of Amec Foster Wheeler, is bracing for a showdown with shareholders over a proposed 25 per cent pay increase for its chief executive...
...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...
...also held back by costs related to its £2.2bn takeover of its smaller rival Amec Foster Wheeler....
...Wood Group’s £2.2bn takeover of its oilfield services rival Amec Foster Wheeler looks likely to gain UK competition clearance after it offered to sell the majority of the target company’s North Sea upstream...
...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....
...Oil services providers Wood Group and Amec Foster Wheeler are hoping that their plan to sell off assets will convince the competition watchdog that there are no big concerns over their merger....
...Wood Group has offered 0.75 of new shares for each Amec Foster Wheeler share....
...Wood Group, the UK oilfield services specialist, which is in the midst of a £2.2bn takeover of rival Amec Foster Wheeler, is keen to avoid the sale of its target’s nuclear business, which was initiated before...
...In March the group agreed a £2.2bn all-share takeover offer of Amec, which provides services to infrastructure and renewable energy projects as well as the oil industry....
...But Wood Group’s swoop on Amec is particularly opportunistic, as the latter was struggling with more than £1bn of net debt — a painful hangover from an ill-timed $3.3bn takeover of US rival Foster Wheeler...
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