Troubled Wood Group has agreed to a £216 million takeover by Dubai-based suitor Sidara.

The Aberdeen -headquartered engineering and energy services firm said Sidara will pay 30p per share to buy the firm after reducing a previous offer for the business.

It is the latest development over a tumultuous period for Wood, which saw its shares suspended from the London Stock Exchange after full-year financial results due in April were delayed.

Sidara – a privately held network of engineering and design companies run from the United Arab Emirates – had previously made an approach worth 35p a share in mid-April, valuing Wood Group at £242.2 million.

It confirmed over the weekend that it had however reduced its takeover offer.

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