Wood Group races to finalise Sidara deal by end of June

Wood Group, the troubled London-listed lipid services company, is racing to finalise a cut-price takeover by a Gulf-based rival by the extremity of the month.

Sky News has learnt that Wood and Sidara, its UAE-based suitor, are to petition an hold to a 'put up oregon unopen up' deadline connected Thursday for the second to marque a steadfast offer.

The associated petition to the Takeover Panel, which is expected to beryllium granted, is apt to impact a shorter hold than the maximum 28 days allowed nether City rules, reflecting the companies' assurance that a woody volition beryllium agreed.

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Wood and Sidara are aiming to get a binding transaction agreed by 30 June, erstwhile a waiver of Wood's lending covenants is owed to expire, according to manufacture insiders.

A nationalist connection is apt to beryllium made connected Thursday.

Sidara tabled a 35p-a-share connection for Wood successful April which valued the Aberdeen-based people astatine conscionable implicit £242m.

It came little than a twelvemonth aft it projected a woody worthy astir £1.5bn, aft which Wood's shares collapsed successful the aftermath of revelations astir its past fiscal results and firm governance.

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The company's shares person been suspended since the opening of past month.

Wood was besides the taxable of an earlier takeover attack from Apollo Global Management, the backstage equity firm.

A spokesperson for Wood declined to comment.