Embattled Wood Group enters takeover talks with UAE’s Sidara

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The wood group, the “busy oil use and engineering” company, which once had a great successful history of the North Sea of ​​Great Britain, has entered talks from the United Arab Emirates.

Sidara that left Attempting to assume earlier Following the collapse of the price of wood in recent weeks last weeks, it was a fresh approach, according to the discussions about two people.

The talks continued on Monday morning, but it is possible that the deal will not be done, said the people.

On Monday, the shares of wooden increased after 12 percent when the financial times reported the interest of Sidara.

The increase in the market capitalization of the group by 200 million is still part of about 1.6 billion pounds, which was offered more than a year ago.

The shares fell more than 50 percent on Aberdeen-based operator’s management and debt overload.

Sida, a private network of private enterprises working from the UAE, wanted to move quickly, it can maintain senior and medium classification Wood According to the crew of the Knowledge of Knowledge, who are angry with his decision to cut bonuses. The people did not identify the conditions of the possible deal.

Wood spokesman refused to comment. Sidara did not immediately respond to the request for comment.

The decline in Woody share issues raised questions about the future of the operator, which was synonymous with the fortune of the rich men of the richest men of Scotland.

The company, which is estimated at more than 5 billion pounds, is 2.2 billion pounds Amec Foster-Wales 2017, This month said that independent review in the business of its projects was found in the financial and management culture of “material” weaknesses.

Chief Executive Ken Gillartin then said he was “disappointed” and would try to sell assets to stimulate cash flow.

In October 2010, it collided with about $ 1.4 billion in various debts, and the collapse of its shares has raised great capital.

Last week’s main financial responsibly, Arvind Balla, Walked Shortly after FT, the company approached the implementation of the requirements of its required statutory accounting. Balan admitted that he had made his qualifications wrong.

His departure increased the sense of the crisis around a company, which is one of the largest employers in Aberdeen, which is already charged with the further developments of future hydrocarbons with the Government of the United Kingdom.

The wood has studied other potential options, including the possible breakthrough of business through its consulting arm, according to two people familiar with the negotiations.

The people say that the annual business revenues can exceed more than 1 billion pounds, the burden of parental debt for sufficient size, when the increase of justice will be difficult.

But the Council’s preference is to sell the company’s inviolable, two familiar people know.

Sidara was previously known as Dar al-Hanasa, which was founded in 1956.

Apollo private joint-stock firm, 2023 tried to buy wood by 2.2 billion pounds, this time a competitive application is pursued by people close to the company.

In London, Simeon Kerry in London