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Amec hoists sale sign on 'basket case'

FOREIGN buyers are expected to lead the chase for Amec's construction business after its split from the energy and process-management operation.

Chief executive Samir Brikho was due to announce plans to divide the firm yesterday (Wednesday) following a year-long review.

Further provisions of £100 million were also expected as the construction business was put up for sale.

A rival contractor said: 'I can only see a foreign contractor or private equity firm looking to buy the construction arm. No one in the UK would touch it even with a 'buy-one-get-one-free offer'. It's a basket case.'

Amec rejected a £1.5 billion offer for the whole company last month from Texas Pacific Group and First Reserve.