News that the $216m sale of Scotland energy giant Wood to Dubai-based Sidara has been approved by shareholders serves as a key moment not just for both companies, but for the broader industry to take stock.
The company’s fluctuating fortunes should serve as a sharp warning on the transition for all traditional businesses – which may resound that bit louder at a time when is underway in Brazil.
Consider 12 years ago, when fossil fuels reigned supreme, Wood had a market valuation of $5bn and employed more than 50,000 globally.
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