Foster Wheeler Ltd. revealed this week that its board of directors has unanimously approved the re-domestication of the company, from Bermuda to Switzerland.
Foster Wheeler’s shareholders will now be asked to vote in favour of the proposal, at a shareholders meeting expected to be scheduled for January 2009.
The company is targeting completion of the re-domestication in the first quarter of 2009, if approved by shareholders and subject to the approval of the Supreme Court of Bermuda (and satisfaction of certain other conditions described in the company’s proxy statement for the meeting of shareholders).
The move would see Foster Wheeler establish an office in Zug, Switzerland, while the company’s operations would continue to be conducted through existing subsidiaries and branch offices located around the world.
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