Amec not in talks with Foster Wheeler - source
LONDON Nov 27 (Reuters) - British engineer Amec is looking at Swiss-based rival Foster Wheeler among a number of potential acquisition targets, but is not currently in talks with the company, a source close to the matter said on Wednesday.
Amec shares were down more than 3 percent in morning trade after a report in the Times newspaper said the firm was interested in Foster Wheeler, which has a market value of $2.8 billion.
A spokesman for Amec said the company did not comment on market rumours. Foster Wheeler did not return calls seeking comment.
Amec, which has a market capitalisation of $5.6 billion, has repeatedly said it is on the look out for acquisitions in the past few months and has said it will consider returning cash to shareholders this quarter if no deal is forthcoming.
Amec had a 680 million pound ($1.1 billion) approach for UK peer Kentz rejected by the target company's board and opted not to make a formal bid.
Kentz and Foster Wheeler both have strong construction divisions and are active in liquefied natural gas (LNG) projects.
- Missing jet may have strayed toward Andaman Sea: Malaysian air force |
- NYC buildings explosion kills 2, more missing
- Malaysia military source says missing jet veered to west |
- Exclusive: EU approves framework for asset freezes, travel bans on Russia
- EU moves towards travel bans, asset freezes for Russians |