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.