Embattled Wood sells RWG as financial probe continues
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Wood is currently working with its auditors to publish the company's delayed annual accounts for 2024 following the announcement in June that the Financial Conduct Authority (FCA) has launched an investigation after an independent review found "cultural failings" with accounting practices at Wood. The Aberdeen-based group has said it is cooperating fully with that investigation.
The investigation covers the period from January 1, 2023 to November 7, 2024.
Because of the delay in publishing last year's accounts, the Takeover Panel agreed at the end of June to grant an extension to the deadline by which Sidara, which has been weighing up an acquisition offer for Wood, must "put up or shut up".
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The deadline for Abu Dhabi-based Sidara to make a firm offer has been extended multiple times since its latest approach in February. Sidara scrapped a £1.5 billion bid to buy Wood in August of last year citing concerns about geopolitical risks and financial market uncertainty.
Last year's mooted takeover offer of 230p per share has fallen dramatically to a possible 35p per share that now values the group at £240m, along with a potential $450m capital injection into the business. Sidara has until 5pm Monday to make a firm offer, but given the difficulties it faces in establishing a valuation for Wood, that deadline could be extended again.
Wood employs roughly 35,000 people world-wide including approximately 4,500 people at its [[Aberdeen]] headquarters and across its North Sea operations.
Proceeds from the sale of RWG will be used to reduce Wood's net debt. The group's last set of published accounts released in August and covering the six months to the end of June 2024 showed net debt up by a third to $876m, and an operating loss of $899m.
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