Source: Amec, Foster Wheeler Not in 'Active' Buyout Talks

By EuropeFOXBusiness

British engineering firm Amec is not in "active talks" over acquiring Swiss-based Foster Wheeler (NASDAQ:FWLT), a person familiar with the matter told FOX Business.

The person didn't say whether the two companies were recently in buyout negotiations nor whether there are plans to conduct any.

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The comments come after the London Times reported Tuesday evening that Amec has hired Goldman Sachs (NYSE:GS) to advise it on a potential acquisition of Foster Wheeler worth up to 5 billion pounds, or $8.15 billion.

That report drove Foster Wheeler’s shares 8% higher in extended trading Tuesday evening.

Amec declined to comment and Foster Wheeler didn't respond to an inquiry.

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However, a person familiar with the matter said Amec and Foster Wheeler are not in "active talks."

Reuters reported early Wednesday that Amec is not in talks with Foster Wheeler and that the Swiss firm is only one of several potential takeover targets.

The M&A buzz comes just weeks after London-based Amec abandoned a $1.1 billion hostile takeover attempt of smaller engineering firm Kentz. Amec has not been shy about its desire to find a buyout target in recent months.

Shares of Foster Wheeler advanced 6.40% to $30.57 Wednesday morning, extending their 2013 rally to 25.6%.

Earlier on Wednesday, CVS Caremark (NYSE:CVS) announced a $2.1 billion buyout of specialty infusion business Coram from Apria Healthcare Group.

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