Dubai's Sidara weighs lowering Wood Group offer after UK regulator's probe, FT reports
It is not clear by how much Sidara might reduce the price, the report said, adding that the company is concerned about legal exposure that could emerge from the Financial Conduct Authority's investigation into Wood Group.
The probe, which was disclosed last month, had begun following Wood Group's announcement last year of an independent accounting review related to some contracts and charges.
Sidara is frustrated about the time it is taking Wood to file its accounts for 2024, according to the report.
Reuters could not immediately verify the report.
Sidara and Wood Group did not immediately respond to a Reuters request for comment.
In April, the British oilfield services and engineering company had received a proposal from Sidara comprising a takeover bid worth about 242 million pounds ($328.54 million) and up to $450 million in cash. Sidara has until July 28 to make a firm offer, walk away or get an extension.
($1 = 0.7366 pounds)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
44 minutes ago
- Reuters
EU's von der Leyen: trade deal delivers certainty in uncertain times
PRESTWICK, Scotland, July 27 (Reuters) - European Commission President Ursula von der Leyen on Sunday said a U.S. baseline tariff rate of 15% on imported EU goods would apply to cars, semiconductors and pharmaceutical goods. She also said that a zero-for-zero tariff rate had been agreed for certain strategic products, including aircraft and aircraft parts, certain chemicals, and certain generic drugs. No decision had been taken on a rate for wine and spirits, she added. "Today's deal creates certainty in uncertain times, delivers stability and predictability," von der Leyen told reporters before leaving Scotland.
BBC News
an hour ago
- BBC News
Al-Nassr agree £43.7m deal with Chelsea for Felix
Al-Nassr have agreed a deal worth up to £43.7m for Chelsea forward Joao 25-year-old has been given permission to travel to Riyadh for his medical to complete the will link up with fellow Portugal international Cristiano Ronaldo at the Saudi Pro League side after they saw off interest from his former club recoup the £45m they paid Atletico Madrid for Felix last summer, having also sent the attacker out on loan to AC Milan for six months in January for a £5m loan Blues, who won the Club World Cup this month, have already sold goalkeepers Djordje Petrovic and Kepa Arrizabalaga and winger Noni Madueke to balance the books this have raised about £130m with further players like forward Raheem Sterling, left-back Ben Chilwell, midfielder Renato Veiga and striker Armando Broja currently up for have spent £212m on signings like striker Liam Delap, winger Jamie Gittens and forward Joao Pedro with interest in midfielder Xavi Simons and defender Jorrel Hato they are also under pressure from Uefa to come out of the summer with a "positive transfer balance" after being initially fined £27m with conditions placed on the club to comply with rules, or risk not being able to register new signings for the Champions League this season.
Reuters
an hour ago
- Reuters
US expects to result of probe into chip imports in two weeks
TURNBERRY, Scotland, July 27 (Reuters) - The Trump administration will announce the result of a national security probe into imports of semiconductors in two weeks, Commerce Secretary Howard Lutnick said on Sunday, without providing details. Lutnick told reporters after a meeting between U.S. President Donald Trump and European Commission President Ursula von der Leyen that the investigation - which is expected to result in tariffs on chips imports - was one of the "key reasons" the EU sought to negotiate a broader trade agreement that would "resolve all things at one time." Trump said many companies would be investing in semiconductor manufacturing in the United States, including some from Taiwan and other places, to avoid getting hit by new tariffs.
