Oil company's management resists DNO's takeover bid

Norwegian oil and gas operator DNO is interested in buying all equity in Faroe Petroleum and earlier today bid 20 percent over trading levels. The latter's share price has since skyrocketed, and Faroe is now urging stakeholders to sit tight.

Photo: Ritzau Scanpix/Claus Bonnerup.

Norwegian oil and gas operator DNO announced  in a press statement Monday morning that it wants to buy all equity in Faroe Petroleum at a price per share of GBP 1.52.

The offer for the Faroese company amounts to GBP 607.9 million, and stakeholders are being offered a 20.8 percent premium on top of the share price at ended trading hours Friday.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Employee of Danish marine fuel supplier charged for corruption in Singapore

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

EU awards big aid for Danish scaled green hydrogen push

The European Union has green-lit millions of euros of subsidy for a 100MW hydrogen project in Denmark with the involvement of several big domestic players. The project is meant to be the enabling stepping stone for GW-scale H2 projects as well as electrolysis at sea.

Further reading

Related articles

Trial banner

Latest News

See all jobs