Wood Group said it had received an approach from Dubai-based engineering firm Sidara just 10 months after a takeover bid from the same suitor fell through
Wood Group, a troubled engineering firm, has been targeted in a fresh £1.5 billion takeover bid by Dubai-based Sidara, just 10 months after a previous deal fell through. Sidara previously abandoned a deal last August due to global market instability and geopolitical risks. Wood Group's shares surged by over 33% following the announcement. The return of Sidara is believed to be due to the recent significant drop in Wood's share price. Wood Group, which operates in over 60 countries and provides oilfield and engineering services, has seen its shares plummet 80% over the past year, reducing its market value to £200 million. The company also faces challenges, including concerns about its financial and governance culture, substantial debts, and the recent resignation of its CFO, Arvind Balan, after admitting to making a false claim about a chartered accountant qualification.
