Positive results for growth strategy, but H1 results dented by legacy issues and Apollo takeover bid
Apollo Global Management
As for the takeover bids by Apollo Global Management, Ken Gilmartin said questions about “what happened or what didn’t happen are probably better addressed by Apollo”.
Shares in Wood are down 34% on the news that Apollo will no longer be pursuing the Aberdeen engineering giant.
Wood Group has extended its deadline in the hopes of pinning down a firm and final takeover offer from US private-equity group Apollo.
After "careful consideration", and in a bid to reach "a definitive conclusion", Apollo submitted a fifth, and final, offer on Tuesday.
Wood’s board has asked for an extension to the deadline for a proposed takeover bid to prepare its annual results and canvas shareholders.
Aberdeen-headquartered Wood Group (LON: WG) has knocked back three takeover attempts by an American private-equity firm.
Apollo Global Management is leading a group of investors aiming to buy a roughly $10 billion (£7.2bn) stake in Saudi Aramco’s oil pipelines, people familiar with the matter said.
An Apollo Global Management-led group will pay $2.7 billion to Adnoc for a 49% lease in various properties.