AMFW has agreed to combine with U.K.-based Wood Group to better compete in global energy work.
We plan to reduce our fair value estimate for no-moat Amec Foster Wheeler, or AMFW, to roughly $6.17 (GBX 475) from $7.80 (GBX 600) to more closely reflect the current value of the stock swap with merger partner Wood Group. Each AMFW share will be exchanged for 0.75 WG share upon completion of the merger, expected to close in the fourth quarter. Wood Group shares closed Aug. 10 at GBX 633, and one British pound is worth roughly $1.30.AMFW’s half-year results reflect much weaker project demand, ...
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