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Evening Standard

Business

Henry Saker-Clark

Wood Group receives £242m takeover offer from UAE’s Sidara

Wood Sidara Wood Group UAE Dubai John Wood Group United States

Oil and gas engineering firm John Wood Group has seen its shares jump higher after revealing it has decided to “engage” with its US private equity suitor to firm up an offer after a £1.7 billion takeover approach. (Alamy/PA) -

Troubled engineering firm John Wood Group has received a fresh takeover bid from Dubai-based suitor Sidara.

Aberdeen-headquartered Wood Group said Sidara – a privately held network of engineering and design companies run from the United Arab Emirates – has now put forward a non-binding conditional offer of 35p per share to buy Wood.

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