KNOC completing hostile takeover of Dana

Korea National Oil Corp. declared victory in its hostile bid to take over Dana Petroleum, Aberdeen.

Sept. 27, 2010

By OGJ editors
HOUSTON, Sept. 27 -- Korea National Oil Corp. declared victory in its hostile bid to take over Dana Petroleum, Aberdeen.

KNOC began its $2.9 billion bid for Dana on Aug. 20 and on Sept. 24 said it had received acceptances representing 64.26% of outstanding shares (OGJ, Aug. 30, 2010, Newsletter). It then made its offer unconditional, and Dana recommended acceptance by remaining shareholders.

Dana reported average production last year of 38,650 boe/d, mainly in the North Sea and Egypt.