Wood Group Shares Rise Over 10% After Takeover Offer From UAE’s Sidara
Shares of the British oilfield services and engineering company Wood Group went up by more than 10% on Monday after it got a conditional offer from Sidara, a company based in Dubai.
Takeover Proposal
Wood Group’s shares went up by 11.1%, reaching $0.35 (27.7 British pence) at around 2:00 PM AST on Monday.
A company statement said the offer includes a possible payment of $0.46 per Wood Group share in cash to buy all the shares of the company. It also involves a possible investment of $450 million from Sidara into Wood Group. The offer also asks Wood to change its current debt agreements.
Sidara confirmed it has made good progress on reviewing Wood, including looking into points raised in an independent review commissioned by Wood.
“The proposed merger of Wood and Sidara would create a leading global engineering consulting company with more scale, skills, and variety,” said Wood Group.
“By combining Wood’s experience with Sidara’s strengths in Energy & Materials, the new company would be well-placed to lead and grow in these important global markets,” it added.
After the deal, the British company will keep its own brand and continue to focus on its clients. This will help maintain strong relationships with current clients and create growth opportunities for the combined company.
Wood’s board said that if an offer was made on these terms, it would likely recommend it to the company’s shareholders.
Key Background
Sidara, founded in 1956, has grown into a global private partnership with 21,500 experts in 350 offices across 69 countries.
Rebranded as Sidara in 2023, the group includes well-known companies like Dar, Perkins & Will, and TYLin. It consists of architects, engineers, consultants, designers, and project managers.
Published: 15th April 2025
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