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The Guardian - UK
The Guardian - UK
Business
Jasper Jolly

Wood Group suitor pulls out of takeover, blaming market turmoil

Wood John Wood Group Sidara Oil Dubai Hezbollah Israel
a yellow oil rig
John Wood Group is an energy services group with extensive contracts throughout the North Sea oil and gas industry. Photograph: Andy Buchanan/AFP/Getty Images

The share price of the British oil services company John Wood Group has plunged by more than a third after a Dubai-based suitor pulled out of a purchase amid global market turmoil.

In a statement to the stock market on Monday the engineering company Sidara said it had pulled out of a bid for Wood “in light of rising geopolitical risks and financial market uncertainty”.

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