Deadline for Wood takeover offer postponed for sixth time
Read more:
Wood said it is working to secure 100% support but in the absence of this it could use a legal process known as a scheme of arrangement, which only requires approval from a majority of creditors representing 75% of outstanding debt.
Meanwhile, it has been reported that Sidara is considering reducing the price of its takeover offer following the launch of an investigation by the Financial Conduct Authority (FCA) after an independent review found "cultural failings" with accounting practices at Wood.
The nature of the FCA enquiry has not been disclosed, though it covers the period from January 1, 2023 to November 7, 2024. The previous independent review by Deloitte found "material weaknesses and failures" within Wood's projects business and its engagement with the group finance team.
This has led to a delay in the publication of Wood's financial accounts for 2024, which were due at the end of April. Wood said it is continuing to work with its auditor to publish those accounts.
Read more:
Against this backdrop, Wood and Sidara have asked for and received from the Takeover Panel a sixth extension to the "put up or shut up" deadline by which Abu Dhabi-based Sidara must make a firm offer. This will expire at 5pm on August 25.
Sidara made its first approach for Wood in May of last year. The Scottish company rejected the initial offer for 205p per share, saying it "fundamentally undervalued Wood and its future prospects".
Sidara continued to make advances but in August 2024 withdrew its fourth bid for 230p per share, which valued the company at approximately £1.5 billion, citing "rising geopolitical risks" and broader uncertainty across financial markets. Shares in Wood plummeted thereafter with the company eventually losing its spot in the FTSE 250 index of London mid-caps.
Read more:
Following the delay in the publication of Wood's 2024 financial accounts, the company's shares were suspended from trading on the London Stock Exchange on May 1 of this year. The remain suspended at 18.44p each.
In a separate announcement this morning, Wood also said that it has appointed Paul O'Donnell as a non-executive director of the company.
Wood chairman Roy Franklin said Mr O'Donnell, a fellow of Chartered Accountants Ireland, has significant experience of "helping companies navigate similar challenges to those Wood faces today". Mr O'Donnell is described as having more than 25 years' experience of mergers, acquisitions and business transformation, and has previously served on the boards of companies such as Nordic Aviation Capital, The Very Group, and TalkTalk.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
an hour ago
- The Independent
SunPower Maxeon 7 solar panel review: best for longevity
If you're investing in solar power for the long haul, the SunPower Maxeon 7 solar panel stands out for its exceptional warranty and durability. In this SunPower Maxeon 7 review, we explain why it's our top choice for longevity and how it compares to other brands on the market. Whether you're trying to cut your energy bills or make your home more sustainable, solar panels can be a smart investment. To help you get started, we've reviewed the best solar panels available in the UK and compared leading products side by side. You can also check out our guide to the best solar panel installers to ensure a quality installation. The solar panel market is a competitive one, with plenty of unfamiliar brands offering fairly similar products. But choosing the best solar panels in the UK isn't as simple as picking the model with the highest efficiency or the longest warranty. Many panels now offer similar specs on paper — comparable power output, 25- to 30-year lifespans, and sleek all-black designs. But with installation often being the largest part of the overall cost of solar panels, and British weather posing its own set of challenges, the stakes for getting the right system are high. The boom in commercial solar farms has helped push the technology forward. Installation is still the biggest cost, so it pays to invest in long-lasting panels. Fortunately, costs have fallen dramatically over the past two decades, especially as China has scaled up manufacturing and innovation. But fitting panels still involves scaffolding, labour, and additional equipment to connect to your home mains, so it's wise to factor in total system cost, not just the panel price when choosing the best solar panel for your home. Why choose the SunPower Maxeon 7? Price, installed: £1250 per kW Efficiency: 24 per cent Wattage per panel: 475W Type: N-Type Made in: Malaysia and the Philippines Degradation: 90.8 per cent after 30 years Warranty: 40 years with registration, only for certain fitters A pricier unit than most, the SunPower Maxeon 7 solar panel also has the staying power to justify the extra expense. It's the only solar panel in our roundup to offer an industry-leading 40-year warranty, making it ideal for homeowners prioritising long-term peace of mind. The catch is that you must register the product to access this extended coverage, and only certain installers qualify, so be sure to ask your provider if this is important to you. The panel also delivers high efficiency, strong power output and minimal degradation—it will retain more than 90% of its original power output even after 30 years. Its high output per panel makes the Maxeon 7 a smart choice for homes with limited roof space. Whilst still using the SunPower brand, Singapore-based Maxeon was spun off from its American parent company, SunPower, in 2020. The company is now headquartered in Singapore and listed on the New York Stock Exchange. China's TCL Technology Group owns more than a third of its shares, while France's TotalEnergies holds roughly 25%. Weighing just 21kg, the panel is relatively light for its size. It measures 1.79m x 1.04m with a depth of 4cm. One note of caution: Maxeon's financial performance has been under pressure in recent years. The company lost its largest customer following the 2020 split from SunPower, which negatively impacted revenues. In 2024, Maxeon announced plans to sell its non-US business to its main investor, TCL. For more on longevity, see our guide to how long solar panels last. Pros: Cons: For those seeking top-tier solar solutions, Maxeon Solar Technologies stands as a steadfast leader in the PV sector, backed by a dedicated network Stratford Energy How we compiled our guide To compile our list, we spoke to experts on the ground and have broken down the top-performing brands based on real-world value, not just technical specs. We've prioritised long-term performance, value for money, and the reputation of the best solar panel installers in the UK. And if you're wondering are solar panels worth it for your home, this guide is designed to help you make a smart, informed decision that pays off over time—whether you're upgrading an old array or fitting solar panels for the first time. Most panels are guaranteed for 25 years and offer similar power output, size, efficiency and looks. So we've weighted our judgement towards cost and degradation, which describes how much power the cells will provide after a number of years. The higher the percentage, the better. Much of your decision will also depend on which installer you go with, as many have preferred brands they work with due to bulk purchasing. You'll also see a lot of unfamiliar Chinese names as you do your research, but many of these are Tier-1 manufacturers in clean energy with strong track records in quality and durability.
Scottish Sun
an hour ago
- Scottish Sun
Bank of England chiefs tipped to cut interest rates twice more before the end of the year to aid growth
Read on to see Rachel Reeves' reaction to the news and how it could affect growth CUTS 'ON CARDS' Bank of England chiefs tipped to cut interest rates twice more before the end of the year to aid growth Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) INTEREST rates will be slashed twice more by the end of the year to aid growth, says global finance agency the IMF. The Washington-based body believes the rate will come down from 4.25 per cent. Sign up for Scottish Sun newsletter Sign up 2 Chancellor Rachel Reeves says the IMF forecasts show the UK remains the G7's fastest-growing European economy despite global challenges Credit: PA However, the pace of reductions around the world will be slower than previously forecast. The Bank of England is set to make its decision on rates next week. The IMF also upgraded its global growth rate marginally to 3 per cent for this year. It predicted the UK would be the third fastest growing G7 economy this year and in 2026. There has been a marginal upgrade to UK growth which is expected to rise by 1.2 per cent this year, which is 0.1 per cent higher than expected back in April. The global upgrade since April was largely driven by US tariffs being lowered since higher rates were first announced by Donald Trump. Warnings were also sounded over conflict in the Middle East, with possible risks to global shipping and trade, which could push up oil prices. Chancellor Rachel Reeves said: 'The IMF's forecasts show that the UK remains the fastest-growing European economy in the G7 despite the global economic challenges we are facing.' Workers' pay across the UK has slowed as businesses face increased staffing costs making an interest rate cut next month "more likely". Average weekly earnings, excluding and including bonuses, rose by 5% between March and May, according to the Office for National Statistics (ONS). Raising taxes will kill off growth, Reeves warned as she pledges to rip up business red tape
The Sun
an hour ago
- The Sun
Bank of England chiefs tipped to cut interest rates twice more before the end of the year to aid growth
INTEREST rates will be slashed twice more by the end of the year to aid growth, says global finance agency the IMF. The Washington-based body believes the rate will come down from 4.25 per cent. 2 However, the pace of reductions around the world will be slower than previously forecast. The Bank of England is set to make its decision on rates next week. The IMF also upgraded its global growth rate marginally to 3 per cent for this year. It predicted the UK would be the third fastest growing G7 economy this year and in 2026. There has been a marginal upgrade to UK growth which is expected to rise by 1.2 per cent this year, which is 0.1 per cent higher than expected back in April. The global upgrade since April was largely driven by US tariffs being lowered since higher rates were first announced by Donald Trump. Warnings were also sounded over conflict in the Middle East, with possible risks to global shipping and trade, which could push up oil prices. Chancellor Rachel Reeves said: 'The IMF's forecasts show that the UK remains the fastest-growing European economy in the G7 despite the global economic challenges we are facing.' Workers' pay across the UK has slowed as businesses face increased staffing costs making an interest rate cut next month "more likely". Average weekly earnings, excluding and including bonuses, rose by 5% between March and May, according to the Office for National Statistics (ONS). Raising taxes will kill off growth, Reeves warned as she pledges to rip up business red tape 2
