KNOC Sticks with $2.6bn Dana Bid

Korea National Oil Corporation (KNOC) has ruled out raising its $2.6bn (£1.6bn) bid for a hostile takeover of the UK’s Dana Petroleum after winning the backing of half of Dana’s shareholders.

KNOC chief executive Kang Young-won said the company believes its offer values Dana fairly and there are no plans to raise it.

The company secured support from investors holding 49% of Dana’s shares before launching its 1,800-pence per share offer and is seeking the backing of 90% of shareholders to make a compulsory acquisition of the remaining shares.

KNOC launched the hostile bid last week after it failed to convince Dana’s board about its takeover proposal.