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Pin to quick picksWood Group (J) Share News (WG.)

Share Price Information for Wood Group (J) (WG.)

London Stock Exchange
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Share Price: 24.26
Bid: 24.08
Ask: 24.42
Change: -4.84 (-16.63%)
Spread: 0.34 (1.412%)
Open: 28.90
High: 29.88
Low: 23.42
Prev. Close: 29.10
WG. Live PriceLast checked at -

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UPDATE: John Wood confirms 2024 and 2025 outlook after bidder bows out

Mon, 05th Aug 2024 09:27

(Alliance News) - John Wood Group PLC on Monday said its remains confident in its "strategic direction and fundamental prospects", after a potential bidder for the oil field services firm withdrew.

Dar Al-Handasah Consultants Shair & Partners Holdings Ltd, known as Sidara, said it does not intend to make a firm offer for the Aberdeen, Scotland-based John Wood. Sidara had been given multiple extensions by the UK Takeover Panel to the put-up-or-shut-up deadline to give a firm intention to make an offer, the latest deadline was this coming Friday.

Back in June, John Wood received a fourth possible takeover proposal from Sidara, worth 230 pence per share. Sidara has steadily increased its bid proposal after making an initial approach worth 205p per share, which John Wood disclosed in early May.

John Wood shares were down 39% to 120.45p early Monday in London, giving the company a market capitalisation of GBP890.8 million. The stock is now down 25% over the past 12 months, entirely reversing a more than 65% rally between the start of April and the end of July.

Sidara blamed "rising geopolitical risks and financial market uncertainty" for its ultimate decision to not make a takeover offer.

Tensions in the Middle East ratcheted higher over this past weekend.

A senior official said the US is ready for "every possibility" amid fears of war between Iran and Israel, while telling the Israelis it is "urgent" to reach a ceasefire deal in Gaza. The US remarks came after Iran and its regional allies vowed retaliation for the killings of a Hamas leader in Tehran and a Hezbollah commander in Beirut, fuelling fears of a broader Middle East conflict.

In response to Sidara's announcement, John Wood reconfirmed the outlook for the rest of 2024 and for 2025 that it had provided in a trading outlook last month. John Wood had report growth in earnings, margins and its order book in the first half of the year. It will release its full interim results on August 20.

"As we look ahead, we remain focused on delivering our potential, including generating significant free cash flow next year," the company said on Monday.

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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11 Jul 2024 11:54

John Wood finds USD25 million in savings as interim revenue decreases

(Alliance News) - John Wood Group PLC on Thursday reconfirmed its full-year outlook as adjusted earnings improved in the first six months.

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11 Jul 2024 07:54

Wood Group backs full-year outlook despite revenue dip

(Sharecast News) - John Wood Group reiterated its full-year outlook on Thursday, despite a fall in interim revenues.

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10 Jul 2024 10:08

LONDON BROKER RATINGS: Barclays raises Kerry, cuts Hunting, Wood Group

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and on Tuesday:

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9 Jul 2024 15:24

London close: Stocks slip as investors digest Powell's comments

(Sharecast News) - London stocks ended in negative territory on Tuesday, driven by concerns over a decline in retail sales and the impact of comments from US Federal Reserve chair Jerome Powell.

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9 Jul 2024 09:23

IN BRIEF: John Wood awarded a six-year contract by Shell in Australia

John Wood Group PLC - Aberdeen, Scotland-based engineering services company - Awarded a six-year contract to provide brownfield engineering, procurement, and construction management solutions to Shell PLC. The contract relates Shell's Prelude floating liquefied natural gas platform in Western Australia, the world's largest floating offshore gas facility. John Wood provides no financial details for the agreement.

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9 Jul 2024 07:17

Wood Group wins six-year contract at Shell Prelude facility

(Sharecast News) - Engineering and consulting firm Wood Group has signed a six-year contract with energy giant Shell to provide brownfield engineering, procurement, and construction management solutions.

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3 Jul 2024 19:04

IN BRIEF: Sidara's bid deadline for John Wood extended until July 31

John Wood Group PLC - Aberdeen, Scotland-based consulting and engineering firm - Says Dar Al-Handasah Consultants Shair & Partners Holdings Ltd, known as Sidara, has asked for more time to consider whether to make a formal bid for the company. As a result, the Takeover Panel has extended the put up or shut up deadline for Sidara until July 31. This deadline can be further extended by the board of John Wood, with the consent of the Takeover Panel. In June, John Wood received a fourth possible takeover proposal from Sidara last week worth 230 pence per share. Sidara has steadily increased its bid proposal after making an initial approach worth 205p per share which John Wood disclosed in early May.

Read more
3 Jul 2024 16:36

Sidara's takeover deadline for Wood Group extended

(Sharecast News) - Wood Group said on Wednesday that the deadline for Sidara to either announce a firm intention to make an offer or walk away has been extended as the Dubai-based engineering and consultancy firm needs more time for due diligence.

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6 Jun 2024 17:05

LONDON MARKET CLOSE: Europe heads higher as ECB cuts interest rates

(Alliance News) - Stock prices in Europe close higher on Thursday, after the European Central Bank cut its interest rates for the first time since 2019.

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6 Jun 2024 17:02

London stocks close higher on miners boost; ECB cuts rates

FTSE 100 up 0.5%, FTSE 250 adds 0.2%

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6 Jun 2024 12:00

LONDON MARKET MIDDAY: Europe gets boost ahead of ECB rate call

(Alliance News) - Major European indices got a boost on Thursday, as investors eye the European Central Bank's latest interest rate decision.

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6 Jun 2024 07:34

Wood Group to 'engage' with Sidara on takeover proposal

(Sharecast News) - Wood Group said late on Wednesday that it had decided to "engage" with Sidara after the Dubai-based engineering and consulting firm made an improved and final takeover proposal last week at 230p a share.

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5 Jun 2024 19:18

TOP NEWS: John Wood decides to engage with Sidara over possible bid

(Alliance News) - John Wood Group PLC on Wednesday said it has decided to engage with Dar Al-Handasah Consultants Shair & Partners Holdings Ltd after evaluating a fourth bid proposal received last Wednesday.

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29 May 2024 16:58

LONDON MARKET CLOSE: Stocks fall as US Treasury yields widen

(Alliance News) - Stock prices in Europe declined on Wednesday with markets nervy ahead of US data later this week, and as investors digest hawkish words from a US central banker.

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29 May 2024 15:35

TOP NEWS: John Wood gets "fourth and final" Sidara takeover bid

(Alliance News) - John Wood Group PLC on Wednesday confirmed that Dar Al-Handasah Consultants Shair & Partners Holdings Ltd has made another cash takeover offer.

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