Construction Sidara renews talks to take over John Wood Group By Gavin Gibbon February 25, 2025, 12:55 PM John Wood Group Sidara has until March 24 to make a firm bid for Scotland's John Wood Group or walk away Dubai-based group yet to make offer Wood’s shares up 30% on Monday Sidara operates in 60 countries Engineering and construction consultancy Sidara has returned to the negotiating table for talks to take over the troubled British engineer John Wood Group. Sidara, which is based in Dubai, was in discussions last year over a potential $1.6 billion acquisition, but walked away in August, citing “geopolitical risks and market uncertainty”. Problems at the Scottish engineering and oil services company have persisted. John Wood’s share price has dropped by almost 50 percent this year and by as much as 74 percent in the past six months. Wood’s valuation plunged to less than $200 million this month, according to the Financial Times. But its shares rose by 30 percent on Monday. A statement from Wood confirmed that talks with Sidara had resumed, although no financial details were given. “There can be no certainty either that an offer will be made nor as to the terms of any offer, if made,” the statement said. Sidara, whose full name is Dar Al Handasah Consultants Shair and Partners Holdings, has a presence in 60 countries and operates more than 300 offices around the world. It said in a statement that a preliminary approach had been made about a “possible cash offer for the entire issued share capital of Wood”. Under UK takeover rules, Sidara has until March 24 to make a firm bid or walk away. The deadline can be extended with regulatory approval. Earlier this month in unaudited draft results, Wood revealed net debt, excluding leases, of about $690 million at the end of December 2024. This was marginally down on the $694 million reported for the previous year. Average net debt in 2024 stood at $1.1 billion. Sidara given ‘put up or shut up deadline’ for John Wood takeover UK company to work on Iraq’s $10bn gas project UK companies win contracts for new Riyadh airport Following “weaker-than-expected trading” in the fourth quarter, Ken Gilmartin, Wood’s CEO, announced that executive and employee bonuses would be cancelled. “This is a difficult announcement amid our transformation. While we have made progress, I am disappointed in our financial performance,” he said. Last week Arvind Balan, chief financial officer of Wood, resigned after “incorrect description of his professional qualifications in various statements”.
