September 12, 2017 / 6:45 AM / 10 months ago

UK's competition regulator accepts remedy proposals for Wood Group-Amec Foster merger

Sept 12 (Reuters) - Britain’s competition regulator said on Tuesday it accepted proposals by Amec Foster Wheeler Plc to sell almost all of its upstream offshore oil and gas servicing assets relating to its deal with John Wood Group .

The Competition and Markets Authority (CMA) has been investigating Wood Group’s deal to buy Amec for 2.2 billion pounds ($2.90 billion) as 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 had proposed to divest a majority of Amec Foster Wheeler’s upstream oil and gas assets and operations in the UK when the deal was announced in March.

CMA said it will not refer the deal for an in-depth, phase-2 investigation. ($1 = 0.7583 pounds) (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)

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