Canadian engineering and construction company SNC-Lavalin Group said yesterday that it would acquire Tipperary-based energy services provider Kentz Corp for about £1.164bn (€1.45bn) in cash to expand its offerings in the oil and gas sector.

An oil and gas engineering group is to keep its independence after fighting off takeover interest from British and German rivals.

Oil and gas-focused Irish engineering firm Kentz Corporation, a target of potential takeover interest, delivered an upbeat outlook for the industry in its first-half results yesterday.

A British oil engineering company has made an approach to buy Clonmel- based Kentz for up to £680m (€797m).

Clonmel-founded engineering group Kentz is subject to takeover speculation linking British engineer Amec to an £800m (€938m) bid as Amec attempts to grow its oil and gas division.