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Dar Group Acquires WorleyParsons Stake

Source: www.gulfoilandgas.com 2/27/2017, Location: Middle East

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Dar Group has acquired a total exposure of 13.35% in the issued shares of WorleyParsons Limited, comprised of physical shares of 8.61% and a cash settled equity swap exposure of 4.74%.

Dar Group views WorleyParsons as the preeminent energy and design consultancy globally and respects the role the Chairman, Board and management team have played in establishing this market leading position. Dar Group has acquired the stake with a long term strategic perspective and looks forward to being a supportive shareholder.

Dar Group also confirms that it submitted an indicative proposal to acquire 100% of WorleyParsons shares in November 2016. The proposalís conditions included the unanimous support of the WorleyParsons Board. The WorleyParsons Board declined to engage with Dar Group on the proposal and there have been no further discussions between the parties since that time.

Dar Group has no present intention of initiating discussions with WorleyParsons regarding a change of control transaction.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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