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KNOC prepares to turn hostile on Dana bid
SOUTH Korea’s National oil company (KNOC) is set to turn hostile on its bid for Dana Petroleum as early as today.
KNOC, which made a £1.7bn a share bid for Dana last month, has already contacted Dana’s biggest shareholders to see if they would be willing to sell their shares at £18 each – the price of its original bid. The Aberdeen-based firm which focuses on the North Sea and Egypt – led by chief executive Tom Cross – has so far rebuffed bids from KNOC.
Peter Hitchins, analyst at Panmure Gordon, said: “Most people view £18-a-share as a very credible bid.”
Cross is expected to use next week’s interim results to promote the value of its oil exploration price which he believes is currently not sufficiently accounted for in the offer price.