EnergyWatch

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.

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