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THE £1.9 billion battle for ownership of Dana Petroleum effectively ended yesterday after Korea National Oil Corporation (KNOC) said it had taken control of the Aberdeen-based company.
BP SAID the Gulf of Mexico disaster had cost it £6.1 billion so far, as it confirmed the leaking well had been stopped for good.
The Korea National Oil Corporation - which now owns 29.5 per cent of bid target Dana Petroleum - yesterday gave its consent for the Aberdeen-based company to acquire Petro-Canada UK's interests for £240 million.
SHARES in Dana Petroleum fell below the £18-a-share offer from its Korean suitor yesterday after Korea National Oil Corporation (KNOC) insisted it would not go any higher.
TOM Cross, the chief executive of Dana Petroleum, last night issued a plea to the firm's Korean hostile suitors to meet the board of the Aberdeen-based company to negotiate a better price.
DIRECTORS and staff at Dana Petroleum will share a windfall of almost £90 million if the hostile bid by Korea's national oil company succeeds.
TOM Cross, chief executive of Dana Petroleum, is understood to be chasing a $360 million (£230m) acquisition of North Sea oil fields from Canada's Suncor in a last-ditch attempt to persuade shareholders that his firm is worth more than the £1.9 billion hostile bid tabled by Korea's national oil company.
Korea's national oil company is close to winning the battle for Dana Petroleum after nearly half of shareholders expressed support within hours of the Koreans launching a £1.9 billion hostile takeover bid.
IT WAS all gushing in the oil sector takeover stakes yesterday, but while one development was the genuine black gold the other had hoary threads of recurrent speculation hanging from it. The state-run Korea National Oil Corporation got tired of kid gloves and went hostile in its $2.9 billion (£1.9 billion) cash bid for Dana Petroleum.
TOM Cross, chief executive of Dana Petroleum, will have to pull a "massive rabbit out of the hat" at the North Sea explorer's interim results this week if he wants to block a £1.87 billion hostile takeover, analysts warn.
DANA Petroleum remained tight lipped last night over the potential acquisition of Canadian-owned oil and gas fields as analysts warned that a hostile takeover bid for the Aberdeen--based oil and gas explorer could be on the cards within weeks.
THE odds on the Korea National Oil Corporation going hostile with its £1.7 billion bid for Aberdeen-based Dana Petroleum shortened yesterday after takeover talks were abruptly halted.
DANA Petroleum further played up its growth potential yesterday as takeover negotiations continue behind the scenes with suitor, the Korean National Oil Corporation (Knoc).
DANA Petroleum last night came under pressure from its largest shareholder, Schroders, to open its books to South Korean suitor KNOC, which yesterday launched a revised 1,800p-a-share takeover proposal for the Aberdeen-based company.
DANA is strengthening its Eygptian interests with the purchase of 50 per cent of an exploration area owned by BG International, writes Perry Gourley.
DANA Petroleum, the Aberdeen-based oil and gas exploration company, revealed after the stock market closed last night that it had received a takeover approach.
SHARES in Dana Petroleum, the Aberdeen-based oil and gas exploration and production company, fell by almost 8 per cent yesterday after it announced mixed results on its drilling operations in Eygpt.
DANA Petroleum's chief executive has dismissed criticism of falling oil production, insisting that the Aberdeen-based explorer was simply maximising the value of its asset.