Enoc to buy remaining 48% of Dragon Oil
Monday, 2 November 2009 10:33Dubai state-controlled Emirates National Oil Company (Enoc) has agreed to buy the 48% of Dragon Oil which it does not already own. The deal values the Dublin and London-listed oil explorer at £2.36 billion sterling.
In June, Enoc said it was considering an offer for Dragon, as the company sought to expand its presence internationally, including in Turkmenistan, where Dragon operates and about which oil companies have grown increasingly interested in recent years.
Dragon said in a statement today that the 455 pence/share offer represented a 34.6% premium to Dragon's closing price on the last trading day before it said it had received a bid approach.
A committee of independent directors recommended shareholders accept the bid.
Dragon Oil's main asset is located in Turkmenistan in Central Asia.
