KNOC in 1.87 billion pound hostile bid for Dana Petroleum
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