AMEC Will Acquire Foster Wheeler

London-based AMEC, one of the world’s largest engineering and construction firms, has made a provisional agreement to acquire its Switzerland-based competitor, Foster Wheeler, for $3.3 billion. On the basis of 2012 annual results, the latest available, the acquisition would increase AMEC’s sales from $6.8 billion to about $9.3 billion and boost staff numbers from 29,000 to 42,000. Under proposed terms, Foster Wheeler’s shareholders would own about 23% of the combined company. Among other benefits, the acquisition would add petrochemical and chemical capabilities to AMEC’s offerings in oil and gas.