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UK's AMEC considering bid for Wood Group - paper

LONDON
Sat Nov 24, 2007 5:27am EST

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LONDON (Reuters) - British engineer and project manager AMEC (AMEC.L) has contacted Edinburgh banker Angus Grossart about acting as a go-between for a possible offer for oil services firm Wood Group (WG.L), the Daily Telegraph said.

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Any deal would create a FTSE-100 company worth about 5 billion pounds ($10.3 billion).

The newspaper said on Saturday, without citing sources, that AMEC had not yet contacted Wood Group, which is about 25-percent-owned by the family of Chairman Ian Wood, but that it was considering an offer of 520 pence to 560 pence a share.

Wood Group shares closed at 380.75 pence on Friday, valuing the company at about 2 billion pounds. AMEC closed at 738.5 pence, giving it a market capitalization of 2.4 billion pounds.

AMEC declined to comment. Wood Group was not immediately available.

(Reporting by Mark Potter, Editing by Peter Blackburn)
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