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Wood Group and Amec Foster Wheeler topped the FTSE 250 on Wednesday morning, after Wood Group promised greater than expected gains from their upcoming takeover.

Amec agreed to a £2.2bn takeover offer from its fellow oilfield services company last month. At the time, Wood Group predicted synergies of “at least” £110m a year, but in an update today it said it now expects the annual savings to be at least £150m.

Shares in Wood Group were up 4 per cent at publication time, to 791.5p, while Amec’s shares rose 3.7 per cent to 552p.

Copyright The Financial Times Limited 2018. All rights reserved.

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