Engineering big Wood receives £242m takeover bid | EUROtoday

One of Scotland’s largest firms – engineering big Wood Group – has acquired a £242m takeover method.

Aberdeen-headquartered Wood stated Sidara, an engineering and consultancy based mostly in Dubai, had made the provide.

Wood’s board of administrators stated they might be “minded to recommend” the deal.

The firm grew from the North Sea oil increase to change into a worldwide engineering contractor, working in dozens of nations, with tens of 1000’s of employees.

The new proposed deal comes virtually a 12 months after talks round a earlier takeover method from Sidara collapsed.

Wood’s share worth has since fallen.

In February, Wood confirmed it had restarted takeover talks with the UAE-based organisation, earlier than extending discussions final month.

On Monday, the corporate stated: “The board of Wood currently believes that the possible offer represents the better option for Wood’s shareholders, creditors and other stakeholders.

“The board of Wood has indicated to Sidara that, ought to a proposal be made on the phrases set out, it could be minded to advocate the provide to Wood’s shareholders, topic to settlement of the total phrases and situations.”

In 2012, Sir Ian Wood announced he was retiring from his role as chairman of Wood Group.

The well-known businessman had been chairman of the company since 1982.

Sir Ian said at the time: “I’ve been fortunate sufficient to take part within the very profitable and thrilling progress of the UK’s oil and fuel business during the last 45 years and seen Wood Group change into a profitable world participant.

“I will miss Wood Group, but will have the satisfaction of knowing it’s in really good hands and look forward to the Group’s continuing success.”