Dubai-based Dar Group, an architecture and engineering firm, acquired a 13.45 percent stake in Australian LNG engineering company WorleyParsons.
Dar Group initially offered to acquire 100 percent of WorleyParsons shares in November last year, but the proposal required a unanimous backing of the WorleyParsons board of directors.
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, according to Dar Group’s statement.
The agreed transaction comprised of physical shares of 8.61 percent and a cash-settled equity swap exposure of 4.74 percent. The value of the transaction has not been disclosed.
Dar Group added that it has no present intention of initiating discussions with WorleyParsons regarding a change of control transaction.