Page 151 - CW E-Magazine (29-4-2025)

News from Abroad

TAKEOVER BID

Wood Group extends Sidara offer deadline

for second time

Scottish engineering and consulting and sustainable long-term capital
business, Wood Group, has extended structure. Having carefully considered
the deadline for Dubai’s Sidara to make the viability of these options together
a formal takeover offer for the second with its financial advisers, the board of
time. The company announced that it Wood currently believes that the pos-
would be pushing the so-called ‘put up sible offer represents the better option
or shut up’ (PUSU) deadline, due to for Wood’s shareholders, creditors and
expire on April 17, by almost a month. other stakeholders,” Wood Group said
ing the initial approach received from in an update.
Sidara, formally known as Dar Sidara in February, when the latter
Al-Handasah Consultants Shair and made a non-binding proposal of 35p per Sidara first approached Wood Group
Partners Holdings, now has until May share, valuing the company at £242-mn last year but talks collapsed in the sum-
15 to either announce a firm intention to ($320.5-mn). Sidara also said it would mer “in light of rising geopolitical risks
make an offer for Wood Group or walk inject $450-mn into the business as part and financial market uncertainty”, as
away. of a potential deal but was still undergoing both parties failed to agree on terms.
due diligence before making a formal
“There can be no certainty that an offer. Wood Group’s shares are likely to be
offer will be made even if the pre-con- suspended from trade from 30 April as
ditions are satisfied or waived,” Wood “Work continues on a range of the company delays its full-year results
Group said. This is the second exten- alternative refinancing options to pro- “in light of extensive work needed to
sion of the PUSU deadline follow- vide the company with an appropriate conclude its audit for FY24”.

Olin-Plug Joint Venture begins operating hydrogen
liquefaction plant in US

Hidrogenii, the joint venture bet- Mr. Ken Lane, Presi-
ween hydrogen industry solution dent and CEO of Olin,
provider, Plug Power, and chlor-alkali added, “This joint venture
firm, Olin Corporation, has commis- is consistent with Olin’s
sioned its 15-tonnes per day (tpd) value-first approach to
hydrogen liquefaction plant in St. Gabriel, build on our existing
Louisiana, US. leading positions through
high-value adjacencies or
Among the largest electrolytic bolt-ons that align with
hydrogen liquefaction facilities in North our capital allocation
America, the newly commissioned faci- framework.”
lity will liquify hydrogen produced by “This Louisiana plant, a mile-
Olin for trailer shipments across the US, stone in expanding our US hydro- The Louisiana plant will play a
serving Plug’s material handling custo- gen network, bolsters our financial key role in Plug’s broader strategy
mers and utilising Plug’s novel spot position by leveraging a dependable, to scale a national green hydrogen
pricing market. The plant is designed to cost-effective hydrogen source, network, joining existing Plug pro-
liquefy up to 15-tpd of hydrogen at maxi- reducing our reliance on third-party duction sites in Woodbine, Georgia
mum capacity, increasing Plug’s total suppliers,” noted Plug’s CEO, Mr. Andy (15-tpd), and Charleston, Tennessee
production capacity to 40-tpd. Marsh. (10-tpd).

Chemical Weekly April 29, 2025 151

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