Apollo pulls plans for Wood Group bid

(Sharecast News) - US private equity firm Apollo Global on Monday pulled plans to make a takeover offer for UK oil industry engineer Wood Group Apollo had made five approaches for the company and was had to table a firm bid or walk away by May 17.

In response, the Wood board said it remained confident in its strategic direction and long-term prospects and believes that, "following a transformative year in 2022, including new executive leadership and a new strategy" the company was "well placed to deliver substantial value for shareholders".

Reporting by Frank Prenesti for Sharecast.com