WorleyParsons warns regulator about Dubai shareholder’s stake raise

Pedestrians are reflected in a window in front of a board displaying stock prices at the Australian Securities Exchange. (File/Reuters)
Updated 16 October 2019

WorleyParsons warns regulator about Dubai shareholder’s stake raise

  • WorleyParsons generated revenues of about $4.75 billion last year

BENGALURU: Australian industrial engineering company WorleyParsons said it has informed the country’s foreign investments regulator of “creeping acquisitions” by its biggest shareholder, Dubai-based Dar Group.

WorleyParsons had rejected a $2.2 billion full takeover bid from Dar Group in 2016, and Dar now owns about 20.2 percent of the Australian company, according to Refinitiv data.

WorleyParsons’ announcement came in response to a report on Tuesday by the Australian Financial Review that Worley had told the Foreign Investment Review Board (FIRB) Dar was seeking to take control of the company and it believed the move would be against Australia’s national interest.

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4.75bn

WorleyParsons generated revenues of about $4.75 billion last year.

The AFR report added that Worley has requested the regulator to reject an application by Dar Group in which it has sought the regulator’s permission to increase its stake.

WorleyParsons said in a statement it went to the FIRB after Dar bought some of its shares and requested representation on the WorleyParsons board. 

“Worley ... is entrusted with sensitive information and performs a vital role for customers and governments in Australia, the USA and globally on projects and infrastructure that are of a critical nature,” it said.


Key to success is passion: PepsiCo official

“I always think success is married with passion,” Simon Lowden said, adding that he likes to get involved with ideas that excite him
Updated 14 November 2019

Key to success is passion: PepsiCo official

  • Lowden was speaking at a session titled “100 years is a long time: Preparing for multiple shifts.”

RIYADH: The key to success is being passionate about what you do, Simon Lowden, chief sustainability officer at PepsiCo, told a brainstorming session at the Misk Global Forum in Riyadh on Wednesday.

“I always think success is married with passion,” he said, adding that he likes to get involved with ideas that excite him.

“I started my life in a small farming village, went to London to attend university, joined PepsiCo … and now I run our sustainability agenda,” he said. “This made me rich as a person, and I did things I really enjoyed.”

Lowden was speaking at a session titled “100 years is a long time: Preparing for multiple shifts.”

Other panelists included Dave Brooke, vice president of client solutions at Dell Technologies; Kevin Gaskell, an international speaker on leadership and business performance; Deloitte CEO David Sproul; and Nancy Yammout, general director of the NGO Rescue Me. The session was moderated by Lebanese journalist and politician Naufal Daou.