MDM Engineering Group Limited (MDM.L), the minerals process and project management company focused on the mining industry in Africa, announced that approval for the proposed merger with Foster Wheeler AG (FWLT) has been received from the South African Competition Commission.
The Merger remains subject to the satisfaction of a number of conditions precedent.
The outstanding conditions precedent are responsibilities of both MDM and Foster Wheeler and do not require third party approval or consent.
As previously indicated, immediately following the implementation of the Merger, the admission to trading on the AIM Market of the London Stock Exchange of MDM's ordinary shares will be cancelled.
In March 2014, Foster Wheeler AG announced that an indirect subsidiary of the company had entered into a merger implementation agreement with MDM Engineering Group Limited to acquire all of the ordinary shares and options in issue of MDM Engineering in a cash transaction valued at approximately $109 million. MDM Engineering Group said its shareholders would be offered 1.70 pounds for each MDM share they hold.
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