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Amec rejects US takeover bid


CONTRACTOR AMEC this week rejected a takeover bid from two US private equity firms claiming that their offer 'significantly undervalued the company'.

Texas Pacific and First Reserve are understood to have made an offer worth £1.5bn.

'It was a lot less than it should have been and we don't expect to hear from them again, ' said a spokesman.

The recent appointment of Samir Brikho, who replaces Sir Peter Mason as chief executive, is another reason for Amec's rejection of the bid.

'Samir has been here just over a month and is undertaking a review of the business.

Shareholders will learn more about his plans for the company at the end of the year, ' said a spokesman.

Brikho is investigating future options for the business including selling off the infrastructure arm.

Amec restructured in 2005 in a bid to revive its civils arm. It split into an energy and process division and an infrastructure division known as design and project services.

John Moss was appointed managing director of design and project services to stabilise and improve the performance of Amec's infrastructure activities.

'We were too turnover driven and were feeding the structure of the company rather than winning the right sort of work and then feeding the people in.

'We are turning the ship around, ' Moss told NCE this week.

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