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Britain’s largest investors have turned up the heat on the City watchdog over its controversial plan to allow Saudi Arabia’s state-owned oil giant to float in London. The Financial Conduct Authority (FCA) has proposed bending stock market rules to accommodate Saudi Aramco, which is aiming to go public next year in a mooted $2 trillion deal. However, the Investment Association, the lobby group for fund managers, has warned the FCA that any changes could damage London’s status as a global financial centre.
In the Sunday Times’ Inside the City column, John Collingridge takes a look at Wood Group and its £2. 2bn all-share takeover of Amec Foster Wheeler, which it completed last week.
