Foster Wheeler AG confirmed that, following a comprehensive review of strategic alternatives, it has provisionally agreed with AMEC plc ('AMEC') on non-binding outline terms concerning a possible business combination of the Company and AMEC. While the Company does not generally comment on pending negotiations, today's confirmation is in response to the recent announcement by AMEC.

The Company and AMEC have negotiated non-binding terms of a business combination pursuant to which AMEC would acquire each outstanding share of Foster Wheeler common stock for transaction consideration consisting of 0.8998 shares of AMEC common stock and $16.00 in cash. In addition, assuming binding terms are agreed, the Company expects to pay a one-time dividend of $0.40 per share prior to closing.

Tags: AMEC plc, Foster Wheeler Ltd.