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AMEC mulls investor payout after dropping Kentz takeover interest

Published: 08:29 12 Sep 2013 BST

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AMEC (LON:AMEC) has dropped its possible £700mln move for oil services engineer Kentz (LON:KENZ).

After it was leaked that AMEC was mulling a takeover last month it was confirmed that it was prepared to pay between 565 to 580p per share for Kentz.

A rival approach from Germany’s M+W Group and Kentz management’s resolute defence that the offers were too cheap had seen Kentz shares trading near the 600p mark since August.

In a stock marker statement in which it confirmed it would not make an offer for Kentz, AMEC said it was now considering paying out cash to shareholders in the fourth quarter.

In the meantime, there are still opportunities but it will keep a disciplined approach with clearly defined financial criteria, it said.

“AMEC continues to see attractive opportunities to extend its geographic footprint in the Growth Regions, increase the range of services offered to clients, and enhance AMEC's position in its markets.”

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