Dubai-based Sidara to Acquire Wood plc and Reinstate John Wood Group Branding
Dubai-based Sidara will acquire Wood plc and reinstate the John Wood Group branding following shareholder approval.
Shareholders backed the takeover with 88% of votes cast after a delay due to unresolved accounting issues.
Wood's accounts, published on 30 October, showed a pre-tax loss of more than £2bn and raised concerns from its auditor over several years.
Sidara had previously bid £1.6bn last year but withdrew due to market uncertainty. It later offered £216m with a $450m (£342m) cash injection.
Wood plc peaked in 2013 with a market value above £5bn and more than 50,000 employees worldwide.
The Aberdeen-based group has roots with Sir Ian Wood, who retired as chairman 13 years ago and has since focused on philanthropy and supporting Aberdeen’s energy economy.
In 2017, Wood acquired AMEC Foster Wheeler, taking on significant debt and related legal disputes; the group later sold subsidiaries to raise funds.
Under Sidara, the Wood brand will become the engineering and materials division. CEO Ken Gilmartin will step down and be replaced by Iain Torrens, while chairman Roy Franklin will also step down.
Wood has about 35,000 employees in more than 60 countries and has faced costly contractual issues affecting the business.
