KNOC bids $2.9 billion for Dana Petroleum

By OGJ editors
HOUSTON, Aug. 23 -- Korea National Oil Corp. launched a hostile takeover bid Aug. 20 for Dana Petroleum PLC, Aberdeen.

Dana Petroleum, which operates mainly in the North Sea and Egypt, has declined to recommend the offer, worth $2.9 billion at valuation last week.

Several of Dana Petroleum’s large shareholders backed the offer, and the South Korean state energy company said it had received support for 48.62% of the British company’s shares. KNOC is seeking at least 90% of the stock.