Traditional integrated, multi-national oil companies are increasingly worried about the way in which nationalised (or part-nationalised) rivals are encroaching onto their natural territory. Read more
We are hearing KNOC and its advisers Merrill Lynch swept the market for a 29.9 per cent stake in Dana Petroleum on Friday morning. The trades haven’t printed yet but they will. Read more
Here’s the latest from the FT’s Lex on the decision by KNOC to launch a hostile bid for Dana Petroleum:
Korea National Oil Corporation must want North Sea oil badly. Why else go hostile in its £18-a-share approach for Dana Petroleum, which values the UK-listed exploration and production group at nearly £1.9bn? The astonishing agression from the Asian state entity, which has seen similar deals slip away before because it was too timid in its approaches, has raised the stakes all around.
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South Korea’s national oil company on Friday launched a landmark £1.87bn hostile takeover offer for Dana Petroleum, after shareholders owning almost half of the UK oil explorer offered their support. Read more