Bid collapse slashes John Wood Group shares

John Wood Group’s share price fell by 37% to 124p after Sidara, a Dubai-based company, withdrew its bid to purchase the British oil services firm.

The withdrawal was announced in light of increased geopolitical risks and financial market uncertainty.

Sidara’s decision not to proceed with the purchase came after both companies had previously discussed the potential offer.

The withdrawal resulted in John Wood Group’s shares hitting their lowest point since October 2022.