By Rhiannon Hoyle
SYDNEY--WorleyParsons Ltd. (WOR.AU) said Wednesday it doesn't think it is in shareholders' interests for its largest investor, Dar Group, to raise its stake via creeping acquisitions or for the two companies to enter into a business cooperation agreement.
"In coming to this view, the Worley board has considered the impact of these matters on stakeholders who are critical to its business, including shareholders, customers, governments, our people and partners," the company said in a regulatory filing.
Worley said it has provided information about its operations to Australia's Foreign Investment Review Board "in the context of possible creeping acquisitions" by Dar. It has also held talks with Dar about further potential share purchases and requests by Dar for board representation and a comprehensive business cooperation agreement, Worley said.
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