DNO takes ma­jor­ity stake in oil group

Yorkshire Post - Business - - BUSINESS / NEWS -

Saga: Nor­we­gian en­ergy firm DNO has moved one step closer to tak­ing over Faroe Petroleum af­ter gain­ing a ma­jor­ity stake in the group. The firm said on Wed­nes­day that it owns or has ac­cep­tances for 52.4 per cent of the North Sea oil pro­ducer’s shares af­ter up­ping its bid for the firm to £641.7m a day ear­lier.

DNO in­creased its of­fer from £608m, or 152p per share, which has been con­tin­u­ously re­jected by Faroe’s board. The new fig­ure rep­re­sents a price of 160p per Faroe share. DNO’s of­fer will be­come un­con­di­tional on Jan­uary 11. The takeover saga has seen Faroe de­scribe DNO’s ad­vances as “op­por­tunis­tic”.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.