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Wood Group, the UK energy engineering company, said it was under investigation by financial regulators over the withholding of information from its auditors.
The company, which is the subject of a £242mn bid from the United Arab Emirates-based Sidara, said in March that it would restate its financial results and suspend its shares, after an independent review found it had either withheld or supplied unreliable information to its auditors KPMG.
On Friday, the company said the UK’s Financial Conduct Authority would investigate the period from early 2023 until Wood announcement in November that it would undertake an independent review. Wood said it would co-operate fully with the investigation.
Sidara, which walked away from a £1.5bn offer for Wood last year, made a new nonbinding offer in April, but said a firm offer would depend on Wood publishing its audited 2024 accounts.
The two sides have extended the deadline by which Sidara has to make an offer four times, with the current deadline set for June 30.
https://www.ft.com/content/c1f9256e-4593-44d0-bdc7-fd3d70c81c6c
