Pundits suggest that strategic review will lead to Amec spinning off its construction business
Amec is set to reveal the results of its long awaited strategic review which could see the business split in two.
The Sunday Times reports that Amec will split itself in two this week when it announces the results of the review.
There will be two divisions. One will keep the Amec name and comprise its energy and process-management operations.
The second, which will be spin off in a trade or float, would include its construction business.
Separately, the Sunday Telegraph says Amec’s shareholders want First Reserve and Texas Pacific to put in a higher offer for the support services group.
In October, the private equity groups were rebuffed by Amec with its 450p per share offer after it refused to open its books. It is reported that a slightly higher offer would be enough for Amec to allow First Reserve and Texas Pacific to conduct due diligence.