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Home Business & Economy

Wood Group races to finalise Sidara deal by end of June | Money News

Spluk.ph by Spluk.ph
June 10, 2025
in Business & Economy
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Wood Group races to finalise Sidara deal by end of June | Money News
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Wooden Group, the troubled London-listed oil companies firm, is racing to finalise a cut-price takeover by a Gulf-based rival by the top of the month.

Sky Information has learnt that Wooden and Sidara, its UAE-based suitor, are to request an extension to a ‘put up or shut up’ deadline on Thursday for the latter to make a agency supply.

The joint request to the Takeover Panel, which is anticipated to be granted, is prone to contain a shorter extension than the utmost 28 days allowed underneath Metropolis guidelines, reflecting the businesses’ confidence {that a} deal will likely be agreed.

Cash newest: My insurance firm charged me £700 after my dog died – is this right?

Wooden and Sidara are aiming to get a binding transaction agreed by 30 June, when a waiver of Wooden’s lending covenants is because of expire, based on business insiders.

A public assertion is prone to be made on Thursday.

Sidara tabled a 35p-a-share supply for Wooden in April which valued the Aberdeen-based goal at simply over £242m.

It got here lower than a 12 months after it proposed a deal value about £1.5bn, after which Wooden’s shares collapsed within the wake of revelations about its previous monetary outcomes and company governance.

Learn extra from Sky Information:
Unemployment rate highest in four years
Paternity pay in UK ‘among lowest in developed world’
Government commits £14.2bn to new nuclear power station

The corporate’s shares have been suspended because the starting of final month.

Wooden was additionally the topic of an earlier takeover method from Apollo International Administration, the non-public fairness agency.

A spokesman for Wooden declined to remark.



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