Dubai firm buys WorleyParsons stake after takeover offer rejected

Dubai-based Dar Group has bought a 13.35 percent stake in the oilfield services provider WorleyParsons, after its takeover bid in 2016 was rejected.

“Dar Group views WorleyParsons as the preeminent energy and design consultancy globally and respects the role the Chairman, Board and management team have played in establishing this market leading position. Dar Group has acquired the stake with a long term strategic perspective and looks forward to being a supportive shareholder,” the company said.

Dar Group also confirmed that it had submitted an indicative proposal to acquire 100% of WorleyParsons shares in November 2016.

The proposal’s conditions included the unanimous support of the WorleyParsons Board.

“The WorleyParsons Board declined to engage with Dar Group on the proposal and there have been no further discussions between the parties since that time. Dar Group has no present intention of initiating discussions with WorleyParsons regarding a change of control transaction,” Dar Group said.

Dar Group is a privately owned international network of professional services firms, with over 18,000 staff operating from 200 offices across 58 countries.

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

OilComm 2019

OilComm is a place where major players in energy, maritime, and transportation communities come together…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply