Wood Group confirms takeover bid from US private equity firm Apollo

CITY A.M. REPORTER

ENERGY services company John Wood Group yesterday confirmed it has received multiple takeover offers from US private equity firm Apollo Global Management, but has rejected all of them.

unsolicited, preliminary and conditional proposals” from the company “regarding a possible cash offer to acquire the entire issued and to be issued ordinary share capital.” hikes throughout 2022 have widened banks’ net interest margins and earned them bumper profits. Net interest margin is the difference between what banks pay and receive in interest.

It said the most recent offer from Apollo, received on 26 January, was for 230 pence per share.

Lloyds posted 2.94 per cent across the year as a whole and 3.22 per cent in the final quarter, higher than expected.

Meanwhile Lloyds set aside £465m in impairment costs – more than expected – this was more than offset by the bank’s strong revenue figures.

Banks set aside loss provisions in order to cushion losses on loans when economic conditions darken. CEO Charlie

Nunn said the bank forecasts a “mild recession” in 2023, but said it will still be “meaningful” for customers.

Despite the funds set aside for impairments, CFO William Chalmers said there has only been “modest evidence of deterioration in credit”.

Net interest margin has been a crucial feature of this earnings season, particularly banks’ forecast for how it will change in 2023.

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