UAE Oil Services PLC (LSE:UOS) (‘UAE Oil’) is in discussions over the share-for-share acquisition of the OBN Group. The terms of the acquisition have not been finalised and it remains subject to due diligence, completion of a fundraising and re-listing of the enlarged group on the London Stock Exchange. If the transaction is completed, it will constitute a reverse takeover under the listing rules and will be subject to approval by UAE Oil shareholders at a general meeting.