Wood Group rejects third takeover offer from Sidara, Abrdn CEO stepping down

London open

The FTSE 100 is expected to open 79 points lower on Friday, having closed down 0.37% on Thursday at 8,339.23.

Stocks to watch

Oil services company Wood Group said it had rejected a third improved takeover proposal from Dubai-based engineering and consulting company Sidara, saying it continued to “significantly undervalue” the group and its prospects. Sidara upped its latest offer by 3.8% to 220p-a-share on May 21 from 212p a week ago and the 205p initial approach. It has until June 5 to make a firm bid.

Abrdn announced a change in leadership on Friday, with group chief executive officer Stephen Bird stepping down. The FTSE 250 company said Jason Windsor, its current chief financial officer, was being appointed as interim group CEO, pending regulatory approval, as a formal search process took place. It said Bird would remain until 30 June to assist with the transition.

Newspaper round-up

The energy price cap in Great Britain will fall to the equivalent of £1,568,a year this summer after a drop in wholesale gas prices. Set by the energy regulator, Ofgem, the cap reflects the average annual dual-fuel bill for 29m households and takes effect from July until the end of September. The cap, which is set quarterly, will fall £122 in July from its current level of £1,690, easing the pressure on household finances. – Guardian

The British entrepreneur Mike Lynch took the stand on Thursday in a San Francisco federal courthouse as a key witness in his own criminal fraud trial, defending his role at Autonomy, the tech firm he co-founded and then sold. The trial continued as planned Thursday despite the defence team moving for a mistrial over alleged improper questioning of a witness by the prosecution. Lynch’s defense team called the questioning, which indirectly referenced the tech titan’s extradition, “egregious” and ‘’highly improper” in a filing. – Guardian

National Grid is to install as many as 6,000 electricity pylons across the English countryside as part of plans to invest £31bn in the nation’s transmission networks. John Pettigrew, chief executive of National Grid, said the 1,000 miles of overhead lines connecting the pylons will prepare the UK for electricity demand which is expected to double over the next 25 years. Bill payers are to fund the £31bn overhaul of the electricity network as the National Grid “rewires the nation” to hit net zero. – Telegraph

News Corporation has announced a groundbreaking, multi-year agreement to bring news content from its publications to OpenAI, one of the leading players in artificial intelligence. The multimedia group, which owns The Times, The Sunday Times and The Sun as well as The Wall Street Journal, the New York Post and The Australian, said that OpenAI had permission to display content from News Corp titles in response to user questions and to enhance its products. – The Times

A maker of sparkling wine controlled by Lord Ashcroft has added the Chinese mainland to its list of export markets as it seeks to cash in on a growing taste for English fizz around the world. Gusbourne, which is 66.2 percent-controlled by the former deputy chairman of the Conservative Party, increased its international sales by 7 per cent last year. They now account for 21.2 per cent of total net revenue. – The Times

US close

Stocks on Wall Street closed weaker on Thursday, with the Dow Jones Industrial Average down 1.53% at 39,065.26.

The S&P 500 lost 0.74% to 5,267.84, while the Nasdaq Composite was off 0.39% at 16,736.03 by the end of trading.