LONDON Jan 13 British engineer Amec
said on Monday it had provisionally agreed to buy Foster Wheeler
in a cash and share deal that values the Swiss-based
engineer at 1.9 billion pounds ($3.13 billion).
It said Foster Wheeler shareholders would receive
approximately 0.9 Amec shares and $16 in cash, representing $32
for each Foster Wheeler share. The cash component of the offer,
$1.595 billion, will be financed by Amec's existing cash
resources and new debt financing, Amec said.
If the possible offer is completed, Foster Wheeler would
hold shares in Amec representing 23 percent of the enlarged
company, and Amec would seek a U.S. listing in connection with
the transaction, the company said.