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Amec says offers to buy Foster Wheeler in $3.1 bln deal

Reuters - UK Focus

LONDON, Jan 13 (Reuters) - British engineer Amec (Munich: AQ4.MU - news) said on Monday it had provisionally agreed to buy Foster Wheeler (NasdaqGS: FWLT - news) in a cash and share deal that values the Swiss-based engineer at 1.9 billion pounds ($3.13 billion).

It said Foster Wheeler shareholders would receive approximately 0.9 Amec (Other OTC: AMCBF - news) shares and $16 in cash, representing $32 for each Foster Wheeler share. The cash component of the offer, $1.595 billion, will be financed by Amec's existing cash resources and new debt financing, Amec said.

If the possible offer is completed, Foster Wheeler would hold shares in Amec representing 23 percent of the enlarged company, and Amec would seek a U.S. listing in connection with the transaction, the company said.