ENGINEERING group Amec yesterday welcomed the announcement that a consortium interested in taking over the company would not be making an offer.
Last month, the company, which employs about 1,000 people in the region and has its industrial division headquarters in Darlington, rejected a joint approach from investment groups Texas Pacific and First Reserve Corporation.
The Amec board unanimously rejected the terms of the deal. The investment groups were also refused permission to carry out due diligence.
Yesterday, the consortium announced that because it had been denied due diligence, it would not make another approach for the company.
In a statement from Amec, the board welcomed the news.
It said: "The board remains focused on the implementation of the strategy announced by chief executive Samir Brikho and delivering value to its shareholders without further distraction."
Amec has recently put its loss-making construction divisions up for sale, after recording half-year losses of more than £20m.
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