Dubai firm buys WorleyParsons stake after takeover offer rejected

Dubai-based Dar Group has bought a 13.35 percent stake in the oilfield services provider WorleyParsons, after its takeover bid in 2016 was rejected.

“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,” the company said.

Dar Group also confirmed that it had submitted an indicative proposal to acquire 100% of WorleyParsons shares in November 2016.

The proposal’s 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,” Dar Group said.

Dar Group is a privately owned international network of professional services firms, with over 18,000 staff operating from 200 offices across 58 countries.