October 15, 2019 / 11:53 PM / a month ago

WorleyParsons flags top shareholder's possible stake build to regulator

Oct 16 (Reuters) - Australian industrial engineering company WorleyParsons Ltd said on Wednesday it has informed the country’s foreign investments regulator about possible “creeping acquisitions” by its biggest shareholder, Dubai-based Dar Group.

WorleyParsons said it went to the Foreign Investment Review Board (FIRB) after Dar bought some of its shares and requested representation on the WorleyParsons board, which the Australian company did not believe was in shareholders’ best interests.

WorleyParsons rejected a $2.2 billion full takeover bid from Dar Group in 2016, and Dar now owns about 20.2% of the Australian company, according to Refinitiv data. (Reporting by Rashmi Ashok in Bengaluru; Editing by Byron Kaye and Muralikumar Anantharaman)

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