Published by Global Banking & Finance Review®
Posted on July 24, 2025
2 min readLast updated: January 22, 2026
Sidara may lower its Wood Group bid due to an FCA probe. Concerns about legal exposure and delayed accounts filing are key factors.
(Reuters) -Dubai-based Sidara is considering reducing the price of its takeover bid for Wood Group, as Britain's financial watchdog has launched a probe into the oilfield services provider, the Financial Times reported on Thursday, citing people familiar with the matter.
It is not clear by how much Sidara might reduce the price, the report said, adding that the company is concerned about legal exposure that could emerge from the Financial Conduct Authority's investigation into Wood Group.
The probe, which was disclosed last month, had begun following Wood Group's announcement last year of an independent accounting review related to some contracts and charges.
Sidara is frustrated about the time it is taking Wood to file its accounts for 2024, according to the report.
Reuters could not immediately verify the report.
Sidara and Wood Group did not immediately respond to a Reuters request for comment.
In April, the British oilfield services and engineering company had received a proposal from Sidara comprising a takeover bid worth about 242 million pounds ($328.54 million) and up to $450 million in cash. Sidara has until July 28 to make a firm offer, walk away or get an extension.
($1 = 0.7366 pounds)
(Reporting by Shivani Tanna in Bengaluru; Editing by Mrigank Dhaniwala and Eileen Soreng)
Sidara is considering reducing the price of its takeover bid for Wood Group due to a probe launched by Britain's financial watchdog.
The FCA's investigation was triggered by Wood Group's announcement of an independent accounting review related to some contracts and charges.
Sidara's initial takeover bid for Wood Group was worth about 242 million pounds, equivalent to approximately $328.54 million.
Sidara is concerned about potential legal exposure that could arise from the FCA's investigation into Wood Group.
No, Sidara and Wood Group did not immediately respond to a request for comment from Reuters.
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