May 27, 2012
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Korea National Corp bids for Dana Petroleum
21 August 2010 / AP, LONDON
South Korea’s state-owned oil company is making a 1.87 billion pound ($2.9 billion) hostile bid for Dana Petroleum PLC. Friday’s statement from Korea National Corp (KNOC) says it hopes to boost its oil reserves and believes its offer price -- equivalent to 18 pound per share -- represents fair value for Aberdeen-based Dana.
Dana had no immediate comment. The company said last week that it wouldn’t back a 1.7 billion pound offer from KNOC after it refused to raise the bid and declined to sign a confidentiality agreement to investigate Dana’s books.
Shares in Dana, which focuses on exploration in the North Sea and Africa, are up 5.7 percent at 1,791 pence on the London Stock Exchange.
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