Engineering giant Wood sees off takeover interest from investment firm

One of Scotland's largest companies has seen off an attempt to buy out shareholders by an American investment firm.

Engineering giant Wood is based in Aberdeen.

Ahead of a bidding deadline this weekApollo Management Holdings has announced it will not make a formal bid.

Takeover rules state the New-York based company cannot make another attempt within six months.

In a Stock Exchange statement, Wood's management expressed confidence in its strategic direction.

"The board announced on 17 April that it had decided to engage with Apollo to see if a firm offer could be made and granted Apollo access to due diligence materials," it said.

"Following an extended period of detailed engagement, the board notes the announcement by Apollo today that it does not intend to make an offer for Wood.

"The board remains confident in Wood's long-term prospects and believes that, following a transformative year in 2022, including new executive leadership and a new strategy, Wood is well placed to deliver substantial value for shareholders."