KNOC in 1.87 billion pound hostile bid for Dana Petroleum

20th August 2010, Comments 0 comments

State-owned Korea National Oil Corporation (KNOC) announced Friday a 1.87 billion pound (2.91 billion dollars, 2.39 billion euro) hostile bid for British oil exploration firm Dana Petroleum.

The Korean firm's cash offer of 1.800 pence per share in Dana follows a failure to reach agreement with the company's management to endorse a buyout.

KNOC had originally offered 1.700 pence per share, and then raised it to 1.800 pence, but Dana's management rejected the offer on August 12.

© 2010 AFP

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