DNO takes majority stake in oil group
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”.