Korea National Oil Corporation has indicated it is willing to start a hostile takeover bid for Dana Petroleum after the British company formally said that K.N.O.C.’s £1.7 billion offer did not reflect the value of its oil exploration program.
K.N.O.C. advisers on Thursday spoke with some Dana shareholders to see whether they might support a hostile offer, the Financial Times reported, citing people familiar with the situation.
Should the Korean group begin a hostile bid, it would be the first time a state-owned oil company has made a hostile offer for a British company, the newspaper noted.
“Going hostile is now a firm option, but there is no guarantee,” a person familiar with the situation told the newspaper.
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Korean Oil Concern Could Go Hostile in Bid for Dana
By Janet Adamy