Shares in Wood Group <strong>–</strong> one of the North Sea's biggest services companies – have collapsed by as much as 41pc after private equity giant Apollo walked away from a £1.7bn takeover bid.

US group Apollo Management on Monday said it would not be making an offer for Aberdeen-based Wood Group.

Apollo has made five attempts to buy the business since February but abandoned the pursuit just two days before the May 17 deadline to make a firm bid or walk away.

Wood Group was on track for its worst one-day share price fall after the announcement, with shares down 33pc by mid-morning. The stock&nbsp;had soared since February amid the takeover interest.

Scottish company on track for worst one-day share price fall after Apollo abandons pursuit{ai:summary}<p>Wood Group's shares plummeted by 41% after private equity firm Apollo abandoned its £1.7bn takeover bid, which was the fifth attempt since February. The decision was made just two days before the May 17 deadline to make a formal offer. Wood Group is one of the largest North Sea service companies and based in Aberdeen, but its shares fell by 33% by mid-morning after the announcement. #economy</p>

North Sea engineer Wood Group plummets as suitor ends £1.7bn takeover chase

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