Wood Group accepts Sidara's takeover bid after year-long pursuit | Reuters

Wood Group accepts Sidara's takeover bid after year-long pursuit | Reuters

Britain's Wood Group (WG.L), opens new tab has agreed to a 216-million-pound ($292 million) conditional takeover bid from Dubai-based Sidara, the companies said on Friday, ending a pursuit that spanned more than a year and involved multiple offers and rejections.

Under the 30-pence-per-share offer, Sidara will assume $1.6 billion of Wood Group's debt and inject $450 million of cash into the company.

The deal is conditional on Wood Group publishing its delayed results and ensuring that certain debt facilities are not terminated, among other requirements.

The British oilfield services firm in April delayed the publication of its annual results due to a pending audit, leading to a temporary suspension of its shares.

Earlier this week, Sidara lowered its bid proposal for Wood Group after Britain's Financial Conduct Authority launched a probe into some of Wood Group's contracts and charges.

The bid price is a fraction of Wood Group's valuation of around 1.66 billion pounds when it first attracted takeover interest in 2023 from parties including U.S.-based private equity firm Apollo Global Management (APO.N), opens new tab.

On Friday, the embattled company said its liquidity was insufficient to fund operations and that it planned to pursue further cost-cutting measures through 2025.

Earlier on Friday, Wood said it would sell its North American transmission and distribution engineering business for $110 million, as it looks to dispose of its non-core businesses to cut debt.

"The current capital structure of the Wood Group is unsustainable," Wood's board said in a statement.

Chairman Roy Franklin, who had planned on exiting the firm once its future direction was clear, is now set to leave following the court meeting on January 7, 2026, when shareholders will vote on the acquisition, it said.

"It is the unanimous view of the Wood Board that this is the best option for all stakeholders," Franklin said in a statement on Sidara's offer.

"This transaction allows us to strengthen client relationships, expand into new markets, and serve a broader range of global clients," Sidara's CEO Talal Shair said.

Mideast Stocks: #UAE markets slip ahead of US inflation data; oil weighs on sentiment

Mideast Stocks: UAE markets slip ahead of US inflation data; oil weighs on sentiment

Stock markets in the United Arab Emirates finished lower on Friday as investors adopted a cautious stance ahead of U.S. inflation data that could shape the Federal Reserve’s upcoming interest rate decisions.

Investors are awaiting the release of the Personal Consumption Expenditures (PCE) Price Index, the preferred inflation measure of the U.S. Fed, scheduled later on Friday. The Fed's stance holds implications for Gulf economies, where most currencies are pegged to the U.S. dollar.

Dubai’s main stock index closed 0.3% lower, reversing earlier gains as losses in banking and utility shares weighed on the market.

The UAE's largest sharia-compliant lender, Dubai Islamic Bank, fell 1.3%, while utility firm Emirates Central Cooling System Corporation dropped 2.9% Dubai business park operator Tecom Group's board approved an AED 1.6 billion ($435.66 million) investment to acquire 138 land plots on Thursday.

Tecom Group's shares were trading 1.8% down. The Dubai index is trading near a key support level, a breach of which could open the door for a more significant correction, especially after several weeks of uncertain trading that followed a period of strong gains, said Milad Azar, market analyst at XTB MENA.

Abu Dhabi's benchmark index slipped 0.2%, pressured by a 1% fall in top developer Aldar Properties and a 0.9% decrease in Adnoc Gas.

Oil giant Abu Dhabi National Oil Company (ADNOC) raised $317 million in an institutional placement of a 3% stake in ADNOC Logistics & Services through a bookbuild offering, it said on Thursday.

Shares of ADNOC Logistics & Services edged up 0.2%.

The Abu Dhabi index recorded a 1.1% loss for the week, its fifth straight weekly decline, while Dubai’s market fell 1%, marking its third consecutive week in the red, according to LSEG data.

Oil prices - a major driver for Gulf financial markets - declined on Friday amid uncertainty over Russian supply and expectations of softer demand as the U.S. summer driving season winds down. Brent crude was down 0.7% at $68.21 a barrel by 1133 GMT.