KNOC makes hostile bid for Dana Petroleum
Dana Petroleum, the Aberdeen-based oil explorer, has received a hostile takeover bid from South Korea’s state-owned oil company, KNOC.
KNOC is offering to buy the British firm in a deal worth £1.87 billion ($2.9 billion) – the equivalent of £18 per share.
Should a deal be successful, it would boost South Korea’s oil reserves and would be KNOC’s biggest takeover to date.
Dana Petroleum has interests in 36 producing oil and gas fields, including in Egypt and the North Sea.
The latest bid follows the Dana board’s rejection of KNOC’s approaches earlier this month.
In a statement, KNOC senior executive vice-president Dr. Kim Seong-hoo said: “We are very disappointed that the board of Dana does not agree that 1,800 pence per share represents a full and fair value for the company.”
KNOC believes its offer represents “full and fair value” for the company.
Meanwhile, in response, Dana released a brief statement which urged shareholders to take no action until it has provided a full operational update next Friday.
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