Wood Group must buy back shares to avoid takeovers - investor

Follow us on Google News:
 Wood Group must buy back shares to avoid takeovers - investor
Image source: ©2022 Kalkine Media®

By Nell Mackenzie


LONDON (Reuters) - Former Elliot Management activist fund manager Franck Tuil publicly took oilfield services provider Wood Plc to task on Thursday for its cheap share price.

It is the first public campaign for his $600 million multistrategy fund, Sparta Capital, which said it has had six private meetings with the company, until the letter it published on Thursday. In the letter, Tuil said the Wood share price is cheap enough to make it the target of a takeover and believes that it has sufficient cash for a share buyback.

Wood did not immediately respond to request for comment.

Shares in Wood Group were last up 2.2% on Thursday. They've fallen this year by 33%, having hit two-year lows at one point.

(Reporting by Nell Mackenzie; Editing by Amanda Cooper)

Disclaimer

The above content is directly sourced from Reuters under a contractual arrangement. The content is being provided as a convenience and for informational purposes only; and does not constitute an endorsement or approval by Kalkine Media of any of the products, services, or opinions of the organization or individual. The user is apprised that Kalkine Media bears no responsibility for the accuracy, legality, or content of Reuters, any external sites, or for that of subsequent links. The user is requested to contact Reuters directly for answers to questions regarding the content. Please note that Kalkine Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Featured Articles