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The UK's financial watchdog has initiated a formal probe into Wood Group, a prominent London-listed engineering and consulting firm.
The investigation is focused on the company's financial practices and its recent performance.
This move comes amid a period of significant turmoil for Wood Group, which has seen its share price fluctuate and has been the subject of multiple takeover bids, none of which have materialized into a successful deal.
The probe by the financial regulator is a serious development that could lead to penalties and a formal reprimand if any wrongdoing is found.
It signals a heightened level of scrutiny on the company's governance and its accounting.
For investors, the news adds to the uncertainty surrounding Wood Group's future, as a formal investigation could deter potential suitors and further depress its share price.
The company has stated it is cooperating fully with the inquiry, but the announcement highlights the challenges it faces in restoring market confidence and moving past a period of sustained financial and operational difficulties.




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