LONDON (ShareCast) - (Sharecast News) - Oil services and engineering firm Wood Group confirmed on Monday that it had received a takeover approach from Dubai's Sidara.
Responding to media speculation, the company said in a brief statement: "Wood shareholders are advised to take no action in relation to the proposal.

"There can be no certainty either that an offer will be made nor as to the terms of any offer."

Earlier, the Financial Times reported that Wood Group had entered talks with Sidara about a potential takeover.

Sidara walked away from a takeover attempt in August last year, citing "rising geopolitical risks and financial market uncertainty".

At 1437 GMT, the shares were up 32% at 34.88p.

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