Korea National Oil Corporation (KNOC), the national oil and gas Company of South Korea, made an announcement yesterday saying that it has already acquired 64% of the shares of Dana Petroleum, one of the largest petroleum Companies in Britain.
As a result, all the efforts pulled by Tom Cross, Dana’s Chief Executive, to keep away the takeover were gone in vain. He has recommended earlier that the shareholders would not settle for that hostile bid, which was for £1.8 billion. But, KNOC has already gained the approval of the shareholders of Dana, on Thursday, by 34.76% for their shares.
A recent raid worth £491m by the Korea National Oil Company is said to have strengthened the unacceptable bid by Aberdeen oil and gas explorer Dana Petroleum.
The raid on Dana Petroleum was about to make Korea National Oil Corporation take a step back and end the bid for the Company. KNOC in totality requires as much as 90% of Dana's shareholders and at present is very confident after the takeover battle which it is likely to win.
The Scottish oil firm Dana Petroleum has rejected a hostile takeover bid worth 18 pounds per share from the Korean oil firm KNOC which is the government owned company of Korea. This rejection was happened as the company released an independent report that valued the Dana shares in between 21.20 pounds and 24.65 pounds per share.
The shareholders of Dana are expecting the KNOC to come up with a higher offer than its previous one of 1.8 billion pounds.
The state-owned Korea National Oil Corp (KNOC) made a hostile £1.9 billion hostile bid for UK explorer Dana Petroleum as the oil giant received support from shareholders representing about half of Dana stock.
KNOC senior vice-president Dr Seong-Hoon Kim announced in a statement that it offered 1,800p-per-share and to buy Dana’s convertible bonds.
Commenting on bid, Dr Seong-Hoon Kim said, "We believe that our offer of 1,800p per share fully and fairly reflects all of Dana's recently announced and ongoing developments, together with its exploration potential.”
The U. K. oil investigation and production group Dana Petroleum and Korea National Oil Corp. have nodded to meet in an effort to develop the bid talks which are in threat to stall between the efforts made by Dana's chief executive Thomas Cross to enhance upon KNOC's 1,800 pence-a-share move towards the previous month, people familiar with the circumstances expressed on Monday.
The parties have nodded to meet to talk about the offer. However the time and venue are yet to be finalized but previously the press reports recommended that it might take place as early as this week.
Dana Petroleum group's shares are surging at 23% on the Friday morning since the state-run Korea National Oil Corp. made a prelude slant for the oil and gas exploration and Production Company based in Scotland.
Today the shares of Dana group plunged up by 226 pence, equivalent to 19.2%, at 1403 pence, which is very well moving ahead of the sector.
However the KNOC group inveterate on Friday that the same is at the nascent stage of discussions related to the probable cash offer for the total issued and to be issued share capital of the group.
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