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KNOC to finalise Dana bid loans
Korea National Oil Corporation (KNOC) is one step closer to setting up the loans it needs to put in a £1.7bn bid for Dana Petroleum. The South Korean state owned oil company already has letters of commitment a consortium of banks, which it plans to deliver to Dana’s advisers as early as tomorrow, it is understood. Under UK law, the loan is required before KNOC can make a firm offer, while Dana said last week that talks could not go through until it had received assurances that KNOC could finance the offer.