KNOC makes $2.89 bn bid for Dana

Korea's National Oil makes $2.89 bn hostile bid for Dana.

Written by Agencies | London | Published: August 20, 2010 7:06:56 pm

Korean National Oil Corp today made a hostile takeover bid worth 1.87 billion pounds (about USD 2.89 billion) for Dana Petroleum Plc,saying it has the backing of nearly 49 per cent of the UK firm’s shareholders.

The proposed transaction is the latest in a string of multi-billion dollar merger and acquisition deals announced worldwide in recent weeks.

On Wednesday,Australian mining major BHP Billiton had made a USD 40-billion hostile takeover offer for the world’s largest fertiliser producer PotashCorp.

According to the statement,state-owned KNOC has received letters of intent from shareholders having 48.62 per cent stake in Dana Petroleum.

Under the cash and share offer,Dana shareholders would receive 1,800 pence in cash for each share held in the firm.

In June,state-owned KNOC had made an indicative proposal of 1,700 pence share for the shareholders of Dana Petroleum.

Listed on the London Stock Exchange,Dana Petroleum is an independent oil and gas exploration and production company. It had annual revenues of 397.3 million pounds for the year ended December 31,2009.

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