Foster Wheeler Ltd. shareholders have approved a proposal to change the place of incorporation of its group holding company.
After Foster Wheeler’s board of directors unanimously approved the re-domestication of the company from Bermuda to Switzerland, shareholders were asked to vote in favour of the proposal.
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.
Operational headquarters would remain in Clinton, New Jersey.
Completion of the relocation remains subject to the approval of the Supreme Court of Bermuda, which the company expects to obtain at a hearing to be held at the end of on 30th January 2009, and satisfaction of certain other conditions.
The company currently expects that it will complete the re-domestication on 2nd February 2009.