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Amec completes Spie buy
11:37 11 Dec 2002
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Amec has paid £172m for the remaining 54% stake in French
construction group Spie that it did not already own.
Amec chief executive Sir Peter Mason said: "Over the past five years our association with Spie has outperformed our highest expectations. The time has come to bring Amec and Spie together."
Amec paid £25m when it bought 42% of Spie in February 1997, a move that surprised analysts. However, the investment has provided Amec with access not only to France, but also to other European markets.
Spie has complemented Amec in railways, energy, oil/gas and pipelines. In January 2001, Amec raised its holding to 46% at a cost of £24m.
Spie's profit has increased rapidly, rising to £43m in the 12 months to the end of December 2001. It has net assets of £181m.
Amec chief executive Sir Peter Mason said: "Over the past five years our association with Spie has outperformed our highest expectations. The time has come to bring Amec and Spie together."
Amec paid £25m when it bought 42% of Spie in February 1997, a move that surprised analysts. However, the investment has provided Amec with access not only to France, but also to other European markets.
Spie has complemented Amec in railways, energy, oil/gas and pipelines. In January 2001, Amec raised its holding to 46% at a cost of £24m.
Spie's profit has increased rapidly, rising to £43m in the 12 months to the end of December 2001. It has net assets of £181m.
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