Apollo has abandoned plans to buy Wood Group after pursuing it for four months. The New York-based private equity giant said it would not make a formal offer for the FTSE 250 group, sending shares in the engineering group tumbling 34.4 per cent, or 75.4p, to 143.6p. But Wood’s board opened up its books last month when the private equity group floated a fifth offer worth 240p a share – or £1.7billion. Apollo’s exit is the second for the private equity firm in less than a week after takeover talks with THG collapsed on Friday. Canadian giant Brookfield Asset Management tabled a £2.13billion offer days after a £2.1billion proposal from private equity group’s CVC Capital and Francisco Partners.

Source: Daily Mail May 15, 2023 21:16 UTC