Engineering giant Wood receives £242m takeover bid

One of Scotland’s largest companies – engineering giant Wood Group – has received a £242m takeover approach.

Aberdeen-headquartered Wood said Sidara, an engineering and consultancy based in Dubai, had made the offer.

Wood’s board of directors said they would be “minded to recommend” the deal.

The company grew from the North Sea oil boom to become a global engineering contractor, operating in dozens of countries, with tens of thousands of workers.

The new proposed deal comes almost a year after talks around a previous takeover approach from Sidara collapsed.

Wood’s share value has since fallen.

In February, Wood confirmed it had restarted takeover talks with the UAE-based organisation, before extending discussions last month.

On Monday, the company said: “The board of Wood currently believes that the possible offer represents the better option for Wood’s shareholders, creditors and other stakeholders.

“The board of Wood has indicated to Sidara that, should an offer be made on the terms set out, it would be minded to recommend the offer to Wood’s shareholders, subject to agreement of the full terms and conditions.”