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The Guardian - UK

Business

Jillian Ambrose Energy correspondent

Oil services company John Wood Group rejects £1.4bn takeover offer

Wood John Wood Group Sidara Oil Aberdeen Dubai

view across Mariner oil field off Aberdeen, Scotland showing large oil rig structures including cranes and drilling equipment; the sea and sky are both dark grey, and a red oil tanker is seen in the background — John Wood Group’s services include engineering, maintenance and construction of oilfield equipment, including at facilities in the North Sea. Photograph: Abermedia/Michal Wachucik/PA

The British oil services company John Wood Group has rejected a £1.4bn takeover offer from a Dubai-based rival, Sidara, which “fundamentally undervalued” the company.

Aberdeen-based Wood is the latest British company on the London Stock Exchange to face takeover speculation amid deepening concerns that UK-listed stocks are undervalued compared with other markets.

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