KNOC launches hostile bid for Dana

20/08/10 19:24 CET

corporate

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State-run Korea National Oil Corporation has taken its bid for Britain’s Dana Petroleum hostile.

Dana’s management earlier this month rejected KNOC’s offer, though nearly half the shareholders support it.

The cash bid values Dana at around 2.3 billion euros, that is an almost 60 percent premium on the share price before the initial offer in June.

The move reflecting South Korea’s urgent need to boost oil reserves.

The country has previously lost out to Chinese and other firms in bigger takeover battles.

More about: Markets, Oil market

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