Engineering consultancy Wood Group has confirmed a fresh takeover approach from Sidara, less than a year after the Dubai-based firm abandoned its previous bid.
The Aberdeen-headquartered company saw its shares soar by over 33% following the announcement, as investors reacted positively to the renewed interest.
Sidara, which had previously walked away from a £1.56 billion bid in August citing geopolitical risks and market instability, is believed to have returned due to Wood’s falling share price. The FTSE 250-listed company has lost 80% of its value in the past year, now sitting at just over £200 million—far below last year’s valuation.
Wood has also faced corporate governance concerns, with an independent review highlighting issues within its project arm, and its chief financial officer resigning last week after inaccuracies were revealed about his credentials.
Sidara’s new approach follows last year’s failed £1.68 billion bid from private equity firm Apollo, which was ultimately withdrawn after multiple rejections.
Wood, which provides engineering, consulting, and management services across oil, gas, and mining sectors in more than 60 countries, has yet to confirm whether it will engage with Sidara over the new bid.
