Amec’s share price soared 20% this morning after Wood Group revealed plans to take it over in a £2.2billion deal.
Amec’s shares shot up to 591p.
Wood Group’s shares had a more subdued climb of 6.5% to 801p.
According to the deal, each Amec Foster Wheeler Shareholder will receive for each Amec Foster Wheeler Share 0.75 New Wood Group Shares.
The takeover is thought to save the pair $134million per year.
It includes a leadership team reshuffle, office consolidation and is subject to shareholder approval.
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