RE: Buying WG at 17p27 Apr 2025 13:15
Here’s a summary of an article "Spies, politicians and allegations of corruption: Inside the bitter corporate war between engineering giant Worley and Dubai's Dar Group":
This investigative piece details a covert corporate battle between Australian engineering giant Worley and its largest shareholder, Dar Group, a Dubai-based firm originally founded in Beirut. The conflict centers on Dar’s attempt to gain control of Worley through a legal but stealthy method known as “creep,” gradually increasing its shareholding to nearly 23%.
Worley resisted the takeover, launching a high-level lobbying campaign that involved former politicians like Christopher Pyne and Nick Greiner, and even senior intelligence figures like ex-ASIO boss Dennis Richardson and ONI chief Nick Warner. The campaign included allegations—largely unsupported by evidence—that Dar was involved in bribery and corruption, possibly linked to Islamist groups, and that its control of Worley would endanger Australia’s national interest.
Worley submitted these claims to the Foreign Investment Review Board (FIRB), hoping to block Dar’s increased stake. However, FIRB and intelligence officials reportedly found no credible evidence of wrongdoing by Dar. Meanwhile, Dar continued to win sensitive U.S. military contracts, suggesting U.S. agencies had no such concerns.
Ironically, Christopher Pyne, who received the initial Saudi-backed allegation, later became a lobbyist for Dar Group. Likewise, Nick Greiner helped Dar via his role at Rothschild, advising on the takeover bid.
Worley’s accusations were viewed by some as a smear campaign aimed at preventing a foreign shareholder from gaining control without paying a premium. Despite being the largest shareholder, Dar has no board representation, and its FIRB application to increase ownership was ultimately withdrawn—possibly due to reputational concerns.
The saga highlights the murky intersection of politics, lobbying, corporate strategy, and national security, raising key questions about ethics, transparency, and foreign investment in Australia’s strategic industries.
I can't see Sidara walking away that quickly from these takeover talks, if it does its all part of Sidara's Strategy to gain control of Wood Group . I was quite confident that Sidara would launch a bid after they returned from the 6 month lockout, although I feel they have been disrepectful with the proposal, I hope that the Wood Team can stand up & get them to raise the proposal. Who knows what forces Sidara have working for them.
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