Engineering giant Wood snubs takeover approach

Wood, one of Scotland's largest companies, is based in Aberdeen

One of Scotland's largest companies - Aberdeen-based engineering giant Wood - has rebuffed a takeover approach which valued it at £1.4bn.

The move came from Sidara, an energy consultancy based in Dubai.

The conditional offer was put to the board of directors at the end of April.

The directors said it "undervalued Wood and its future prospects".

Sidara could come back with a higher offer and has until 5 June to do so.

Wood grew from the North Sea oil boom to become a global engineering contractor, operating in dozens of countries, with 35,000 workers.

It also rebuffed a takeover approach last year by a US investment fund.