Possible takeover of Scottish engineering giant Wood collapses

A possible takeover of engineering giant Wood – one of Scotland’s largest companies – has collapsed.

Sidara, an engineering and consultancy firm based in Dubai, had made a fresh offer to the Aberdeen company in April after previous approaches were snubbed.

However on Monday, Sidara notified Wood’s board that it no longer intended to make an offer, bringing an end to the months-long courtship.

It said the decision came “in light of rising geopolitical risks and financial market uncertainty”.

Sidara had made a fourth offer to Wood at a price of 230p per share in cash.

Its deadline to make a firm offer was extended until Friday, but it notified Wood this would not go ahead after it had completed its due diligence.

Wood said: “The board remains confident in Wood’s strategic direction and fundamental prospects.”

Wood grew from the North Sea oil boom to become a global engineering contractor, operating in dozens of countries, with 35,000 workers.

It also rebuffed a takeover approach last year by a US investment fund.

Wood will publish its half year results on 20 August.