Finance
UK's Wood Group renews takeover talks with Dubai's Sidara
Published by Global Banking & Finance Review®
Posted on February 24, 2025
2 min readLast updated: January 25, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 24, 2025
2 min readLast updated: January 25, 2026
Wood Group renews takeover talks with Sidara, boosting shares by 52% after previous failed discussions due to market uncertainties.
(Reuters) -Britain's struggling oilfield services and engineering firm Wood Group has received a fresh approach from Dubai-based Sidara about a possible takeover offer after a failed attempt six months ago, both parties said on Monday.
Shares in the London-listed company surged as much as 52% to 40 pence apiece in Monday's trade.
Sidara, which abandoned its previous plans, has made a fresh approach following the collapse of Wood Group's shares in recent weeks, the Financial Times first reported, citing two people close to the discussions.
Shares of Wood Group have lost more than 60% of their value since the start of the year through Friday's last close, and more than 85% since Sidara walked away from the previous discussions, citing rising geopolitical risks and uncertainty in the financial market.
Wood Group forecast negative cash flow for another year and saw its CFO step down earlier in the month following a tumultuous past few years of activist investor pressure to consider a sale, two unsuccessful takeover proposals and a review of its financials.
Sidara was keen to move quickly to ensure it could retain senior and mid-ranking Wood staff who have been angered by the company's plight and its decision to cut bonuses, the FT report added, citing people with knowledge of the talks.
The financial terms of the potential offer were not disclosed by Wood or Sidara in their Monday statements.
(Reporting by Yamini Kalia, Radhika Anilkumar and Prerna Bedi in Bengaluru; Editing by Vijay Kishore, Tasim Zahid and Alan Barona)
Wood Group has received a new takeover approach from Dubai-based Sidara after a previous attempt failed six months ago.
Shares in Wood Group surged as much as 52% to 40 pence following the announcement of renewed takeover talks.
Wood Group has forecasted negative cash flow for another year and has seen its shares lose over 60% of their value since the start of the year.
Sidara previously walked away from takeover discussions due to the decline in Wood Group's share value and other financial concerns.
Sidara aims to move quickly in the takeover process to retain senior and mid-ranking Wood staff who are unhappy with the company's recent decisions.
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