Experimental feature

Listen to this article

00:00
00:00
Experimental feature

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.

Get alerts on Mergers & Acquisitions when a new story is published

Copyright The Financial Times Limited 2018. All rights reserved.

Comments have not been enabled for this article.

Follow the topics in this article