Emirates National Oil Company snares remaining Dragon Oil shares; company will delist next month

The Emirates National Oil Company is acquiring the remaining stake in Dragon Oil, having raised its offer to 800p per share. 

 

The group, which already owns 54 per cent of Dragon Oil, had put forward a £3.7bn offer for the company last month. This was rejected by shareholders including Elliot Advisers and investment group Baillie Gifford.  

 

Yesterday Enoc's final offer was accepted for 9.6 per cent of the total share capital, allowing it to proceed with the takeover. 

 

As a result of the move, the Turkmenistan-based producer will be delisted on 7 September.  The last day of trading will be 4 September. 

 

“The cancellation of trading of Dragon Oil shares will significantly reduce the liquidity and marketability of any Dragon Oil Shares not acquired by Enoc,” a market statement said this morning.