{"id":42900,"date":"2025-08-26T11:35:04","date_gmt":"2025-08-26T11:35:04","guid":{"rendered":"https:\/\/quickassetsmarket.com\/index.php\/2025\/08\/26\/wood-group-edges-closer-to-sidara-takeover-london-stock-exchange-exit\/"},"modified":"2025-08-26T11:35:04","modified_gmt":"2025-08-26T11:35:04","slug":"wood-group-edges-closer-to-sidara-takeover-london-stock-exchange-exit","status":"publish","type":"post","link":"https:\/\/quickassetsmarket.com\/index.php\/2025\/08\/26\/wood-group-edges-closer-to-sidara-takeover-london-stock-exchange-exit\/","title":{"rendered":"Wood Group edges closer to Sidara takeover, London Stock Exchange exit"},"content":{"rendered":"
<\/div>\n

Wood Group has moved a step nearer to leaving the London Stock Exchange after its board indicated it was minded to accept a reduced takeover offer from Dubai-based engineering group Sidara.<\/p>\n

The FTSE 250 oil services company said on Tuesday that Sidara, which had originally offered 35p a share in April, had revised its bid to 30p a share following due diligence. <\/p>\n

Wood\u2019s board, after consulting its advisers, concluded the revised approach was at a value it would be minded to recommend to shareholders.<\/p>\n

The deadline for Sidara to confirm its intention or withdraw has been extended once again, this time until 28 August.<\/p>\n

Wood’s long-running takeover saga<\/h2>\n

Sidara\u2019s pursuit of the Aberdeen-headquartered firm has been turbulent. <\/p>\n

The Middle Eastern company, formally known as Dar Al-Handasah Consultants Shair and Partner Holdings, previously made a \u00a31.58 billion approach valuing Wood at 230p per share last year, but walked away citing geopolitical and financial uncertainty.<\/p>\n

Nearly two years ago, Wood also rejected several bids from US fund manager Apollo Global Management, which had offered up to 240p per share, or \u00a31.7 billion.<\/p>\n

The latest move reflects how sharply Wood\u2019s valuation has fallen. <\/p>\n

Shares were suspended in May when they traded at just 18p, far below highs of almost 880p seen less than a decade ago.<\/p>\n

Takeover comes amid governance and regulatory troubles<\/h2>\n

The collapse in value has been exacerbated by a series of governance failures. <\/p>\n

In March, Wood admitted it needed to restate past results after a review uncovered \u201ccultural failings\u201d that led to information being withheld from auditors. <\/p>\n

Deloitte\u2019s independent assessment found material weaknesses in the group\u2019s financial culture, particularly within its projects division.<\/p>\n

The UK\u2019s Financial Conduct Authority launched a formal investigation in June into Wood\u2019s accounting practices, prolonging investor uncertainty. <\/p>\n

The company has yet to publish its delayed 2024 financial results, with auditors still reviewing its accounts.<\/p>\n

These issues compounded April\u2019s warning that prior years\u2019 accounts would need restating, leading to the suspension of its shares on the London Stock Exchange.<\/p>\n

Sidara\u2019s interest despite challenges<\/h2>\n

Despite these headwinds, Sidara has maintained interest in acquiring Wood Group, which employs about 35,000 people and provides oilfield services and engineering consultancy globally. <\/p>\n

Sidara\u2019s willingness to reduce its offer price indicates the risks associated with Wood\u2019s unresolved accounting matters but also underlines its long-term strategic value in energy services.<\/p>\n

Chief executive Ken Gilmartin has been attempting to stabilise the company and restore credibility, but the prolonged uncertainty has left the group vulnerable to overseas suitors.<\/p>\n

London market exodus continues<\/h2>\n

If completed, a takeover would mark another setback for London\u2019s status as a global financial centre. <\/p>\n

A string of high-profile companies has either shifted their primary listing to the United States or abandoned London altogether.<\/p>\n

In recent months, payments firm Wise, construction rental group Ashtead, gambling operator Flutter Entertainment and building materials giant CRH have all chosen US listings. <\/p>\n

Drugmaker Indivior has also confirmed it will cancel its secondary London listing, while metals investor Cobalt Holdings shelved plans to float in the UK capital.<\/p>\n

Wood Group\u2019s probable departure will deepen concerns about the attractiveness of London for large international companies. <\/p>\n

With its shares suspended and value heavily eroded, the deal could also highlight how governance failings have left one of Scotland\u2019s best-known engineering firms open to foreign takeover.<\/p>\n

The post Wood Group edges closer to Sidara takeover, London Stock Exchange exit<\/a> appeared first on Invezz<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Wood Group has moved a step nearer to leaving the London Stock Exchange after its board indicated it was minded to accept a reduced takeover offer from Dubai-based engineering group Sidara. The FTSE 250 oil services company said on Tuesday that Sidara, which had originally offered 35p a share in April, had revised its bid <\/p>\n","protected":false},"author":1,"featured_media":42901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-42900","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"_links":{"self":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/42900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/comments?post=42900"}],"version-history":[{"count":0,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/posts\/42900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media\/42901"}],"wp:attachment":[{"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/media?parent=42900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/categories?post=42900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quickassetsmarket.com\/index.php\/wp-json\/wp\/v2\/tags?post=42900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}