That’s the share price chart of Parkmead Group, a small Aim-listed oil and investment company. The spike has followed news that Tom Cross, the founder of Dana Petroleum, has been appointed executive chairman.
From a company press release: Read more
State-run Korea National Oil Corp will on Friday brief the market on the total stake it has acquired in Dana Petroleum as it nears completion of its hostile $2.6bn bid for the UK-listed oil and gas explorer, reports Reuters. Last week, KNOC reported it bought a 29.5% stake in Dana, after saying in August it had secured non-binding letters of intent to accept its bid from around 49% of shareholders. The KNOC/Dana deal, if successful, would be the biggest hostile acquisition by a South Korean firm and biggest deal for KNOC, which purchased Canadian group Harvest Energy last October for $1.7bn. Read more
… it is now.
Well, sort of. Read more
We’re gonna miss these catty RNS statements.
Korean National Oil Corp. responded to Dana Petroleum’s value-based defence with a rather deadpan refusal to shift its 1800p share offer on Thursday. From KNOC’s statement: Read more
Here’s an AIM-listed enigma to ponder on Monday.
Life is looking rather good if you’re a London-listed oil mid-cap at the moment. Kind of less so if you’re out to buy one. Why? Read more
Dana Petroleum will this week urge South Korea’s national oil group to raise its £1.87bn takeover offer in return for support of the UK oil explorer’s board, reports the FT. The push comes after Korea National Oil Corp on Friday took its £18-a-share offer directly to Dana’s shareholders, with nearly 49% backing the first foreign hostile bid by an Asian state-owned entity. Dana will use its interim results on Friday to stress its value. Reuters adds that KNOC is awaiting shareholder responses to its hostile bid. Meanwhile, the Telegraph reports, hedge funds are set to make estimated profits of £80m if KNOC’s bid succeeds. Read more
South Korea’s national oil company on Friday launched a landmark £1.87bn hostile takeover offer for Dana Petroleum, after shareholders owning almost half of the UK oil explorer offered their support, the FT reports. The energy explorer offered 1,800 pence a share and to buy Dana’s convertible bonds. The move is the first time an Asian state-owned company has taken a bid directly to shareholders in the UK, signalling a shift in the battle for overseas reserves by the region’s national energy groups. Korea National Oil Corporation said it had received letters of support from shareholders representing about 49 percent of Dana stock, according to Bloomberg. Read more
Dana Petroleum has formally rejected Korea National Oil Corporation’s £1.7bn takeover approach after the two sides failed to agree on the value and terms of the offer, the FT reports. In a strongly worded statement Dana said it would not recommend KNOC’s £18 per share indicative offer to its shareholders as it failed to reflect the full value of its oil exploration programme. FT Alphaville adds commentary, while Reuters reports on Friday that KNOC said it was still eyeing the UK oil explorer, raising chances of a hostile bid. Read more
Market disclosures at dawn. And so on. We can’t remember the last time the RNS statements washed so much dirty laundry in public following a takeover break-up.
But Dana Petroleum’s suitor of recent months, Korean National Oil Corp, surprised us on Thursday. Here’s its response to Dana rejecting its offer (emphasis ours): Read more
KNOC, South Korea’s national oil company, is exploring a $1.5bn offer for the FTSE 250 oil explorer Dana Petroleum as part of a foreign acquisition spree planned over the next two years, FT Alphaville reported, citing people familiar with the situation. KNOC has made preliminary contact with Dana’s management about arranging an agreed deal. Korean-based sources said KNOC was willing to pay a “significant premium” for Dana shares Read more
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