Wood Group said to be in takeover talks with Sidara, shares jump

(Sharecast News) - Oil services and engineering firm Wood Group surged on Monday following a Financial Times report that it has entered talks with Dubai's Sidara about a potential takeover. The FT cited two people close to the discussions as saying that Sidara - which walked away from an earlier takeover attempt in August last year - has made a fresh approach following the collapse in the Wood Group share price in recent weeks.

The sources said talks are ongoing but it is possible no deal will be concluded.

At 1415 GMT, the shares were up 28.7% at 33.98p.

Abandoning its pursuit of Wood Group last year, Sidara cited "rising geopolitical risks and financial market uncertainty".