Korea Wins Control of UK's Dana Petroleum

Korea National Oil Corp (KNOC) has won a controlling interest in UK’s Dana Petroleum with about 65% of its shares either owned or accepted, reports Business Review Europe. Dana has interests in 36 producing oil and gas fields in Egypt and the North Sea.

KNOC had been rebuffed in July when it first approached Dana with a 1,800 pence ($28.24) per share offer. KNOC refused to raise its offer price. Instead on August 20 it went directly to shareholders with a 1.87 billion pound ($2.9 billion) bid.

It has already bought 29.5% of Dana shares on September 17 and received acceptances from shareholders for another 34.76%, according to KNOC. The deal has received approval from the Britain government. KNOC plans to buy at least 75% of Aberdeen-based Dana, so it can be delisted.

“In that case the market value and liquidity of shares still held by shareholders will significantly decrease”, KNOC added. For this reason it urged shareholders who have not accepted the offer “to do so immediately”.

SEOUL