S.Korea's KNOC wins pledges of 64 pct stake in Britain's Dana

24th September 2010, Comments 0 comments

South Korea's state-owned oil firm said Friday it now has a claim on 64 percent of British oil explorer Dana Petroleum, after launching a hostile takeover.

Korea National Oil Corp (KNOC) said in a statement that its 1800 pence-a-share offer for the Aberdeen-based firm is now wholly unconditional.

KNOC made a 1.87 billion pound (2.9 billion dollar) offer for Dana on August 20. As of Friday, it said, it either owns or has received valid acceptances from shareholders of 64.26 percent of the shares.

© 2010 AFP

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