AMEC plc shareholders voted at an Extraordinary General Meeting in favour of exercising an option to acquire the outstanding 54% interest in Spie. The €270m transaction will be funded using existing committed bank facilities, and is expected to be completed on March 5. AMEC’s preliminary results for the year to December 31 2002 are expected to be announced the following day.
AMEC plans to continue using the management philosophy and relationships it has established with Spie over the last five years. Spie will lead the existing AMEC Rail maintenance business and the AMEC Spie Rail joint venture, together with Spie’s European rail businesses. These have a combined annual turnover in excess of £400m.
AMEC Chairman Sydney Gillibrand said he was delighted to welcome Spie fully into the AMEC group. ’The transaction is an important step towards the completion of AMEC’s transformation over the last five years from a predominantly UK construction group to an international engineering services provider.’