EnergyWatch

DNO secures share majority in Faroe Petroleum

Following a fierce battle, Norwegian oil company DNO has now secured a majority equity position in Faroe Petroleum. DNO has increased its bid in pursuit of finally closing the deal. (Updated at 1 p.m. with a statement from Faroe Petroleum, -ed.)

Photo: Hjalmar Otto Fjøsne/Aker Solutions

In a struggle for power, which has been going on since the end of November last year, oil company DNO has finally ensured its key influence on the independent oil company Faroe Petroleum.

The case was settled after DNO increased its purchase offer to Faroe's shareholders yesterday. Previously, DNO offered GBP 1.52 per share, that offer was raised to GBP 1.60 per share yesterday.

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