Dana Petroleum set to hold international business negotiations
Korea National Oil Corporation to bid for British oil firm
02 August 2010
Dana Petroleum is set to hold international business negotiations
with Korea National Oil Corporation (KNOC).
Negotiations could start this week as Tom Cross, chief executive
of Dana, is reportedly poised to meet KNOC officials to discuss the
sale of Dana.
KNOC are readying an offer of £1.7 billion and are unwilling to
raise their valuation of the British oil firm.
Dana is looking for a higher bid than the present £18 a share
offer and the business is refusing to open its books to KNOC until
it has confirmation over the funding of the deal.
However, a number of investors in Dana, including Schroders
which holds a 13 per cent stake in the company, claim the proposed
offer is an accurate valuation of the firm.
KNOC had a £17 a share offer rejected by Dana at the start of
the last month.
Dana currently holds the lucrative Anne-Marie well in the North
Sea, as well as projects in Alaska and Egypt.