13th Jun 2006 11:16
AMEC PLC13 June 2006 AMEC plc 13 June 2006 AMEC plc ("AMEC") Sale of AMEC SPIE - sale and purchase agreement signed Background On 22 May 2006, AMEC and PAI partners ("PAI") announced that, subject toconsultation with AMEC SPIE's Workers' Councils, they had agreed terms for thesale of AMEC SPIE for an equity value of approximately €1,040 million (£707million) payable in cash on completion (the "Transaction"). Consultation with AMEC SPIE's Workers' Councils completed In accordance with the requirements of French Law, AMEC SPIE management have nowcompleted the process of consultation with AMEC SPIE's Workers' Councils and adefinitive sale and purchase agreement was signed by AMEC and PAI lateyesterday, 12 June 2006. Completion The Transaction now remains conditional on, amongst other things, the approvalof AMEC Shareholders ("Shareholders"), which will be sought at an ExtraordinaryGeneral Meeting, and obtaining certain anti-trust regulatory clearances. A Circular containing details of the Transaction and notice of an ExtraordinaryGeneral Meeting will be dispatched to Shareholders in due course, with theExtraordinary General Meeting expected to be held in mid July 2006. TheTransaction is expected to close in late July 2006. Enquiries to: AMEC plc + 44 (0)20 7634 0000 Analysts and investors: Sir Peter Mason KBE, Chief ExecutiveStuart Siddall, Finance DirectorNeil Jamieson, Director of Investor Relations Media: Juliet Sychrava, Director of Corporate CommunicationsCharles Reynolds, Head of Media Relations Citigroup Global Markets Limited +44 (0)20 7986 6000 Sam SmallDimitrios Georgiou UBS Limited +44 (0)20 7567 8000 Tom CooperJonathan Bewes Notes to editors AMEC plc is an international project management and services company thatdesigns, delivers and supports infrastructure assets for customers worldwideacross the public and private sectors. As currently structured, AMEC employs45,000 people in more than 40 countries, generating annual revenues of around £5billion. The businesses that will be the subject of the Transaction comprise the AMECSPIE Continental European Multitechnical Services business, the French railbusiness and 50% of rail activities in the UK, together with AMEC SPIE's Oil andGas activities, excluding pipelines. Together, these businesses generated profitbefore interest, intangible amortisation and income tax of £49.7 million andrevenues of £1,755 million in 2005. AMEC's shares are traded on the London Stock Exchange where the company islisted in the Support Services sector (LSE: AMEC.L). Citigroup Global Markets Limited and UBS Limited are acting as FinancialAdvisers to AMEC in relation to the Transaction. Citigroup Global Markets Limited and UBS Limited are acting exclusively for AMECand are not acting for any other person in relation to the Transaction and willnot be responsible to any person other than AMEC for providing the protectionsafforded to clients of Citigroup Global Markets Limited and UBS Limited or forproviding advice in relation to the contents of this document or theTransaction. Internet users will be able to view this announcement, together with otherinformation about AMEC plc, at the company's web site www.amec.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AMFW.L