North Sea oil giant revives takeover talks with Dubai-based suitor
A Dubai-based engineering group has re-entered talks to buy John Wood Group, sparking a 40pc surge in the North Sea oil giant's share price.
The FTSE 250 business confirmed on Monday it had received a fresh approach from Sidara, just six months after previous talks collapsed.
At the time, Sidara said the prospective takeover was off 'in light of rising geopolitical risks and financial market uncertainty'.
However, it has been brought back to the table owing to Wood Group's low valuation, the Financial Times reported, with the company's share price having fallen by 75pc over the past 12 months.
The company, which offers outsourcing services to major North Sea producers, is now valued at around £235m, a fraction of the £5bn it was worth in 2017.
Under stock market rules, Sidara is obliged to announce a firm intention to make an offer by March 24.
It follows a tumultuous period for the business, which has received a combined nine offers from Sidara and private equity firm Apollo in recent years.
Wood Group's shares previously took a hit in November after announcing Deloitte had been drafted in to conduct an independent review of its accounts.
Bosses said this month that the review had shown it needed to improve its culture and controls in the light of 'identified weaknesses and failures', while Deloitte's findings also suggested profits from Wood Group's projects division may have been overstated in 2023 and prior years.
Wood Group also confirmed last week that its chief financial officer had resigned after admitting he incorrectly claimed to be a chartered accountant.
Arvind Balan, who joined last April, said: 'Regrettably, I made an honest oversight with respect to the description of my professional qualification as a chartered accountant instead of a certified practicing accountant.'
Sidara is part of Dar Al-Handasah Consultants, which was founded in 1956 in Beirut. The group, which turned over $2.8bn (£2.2bn) in 2023, is privately owned by 44 partners working in the business.
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