Korean Oil Concern Could Go Hostile in Bid for Dana

1282169710 58 Korean Oil Concern Could Go Hostile in Bid for Dana

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.

Go to Article from the Financial Times (Subscription Required) »Go to Previous Item from DealBook »

Korean Oil Concern Could Go Hostile in Bid for Dana

“BP” is pushing 500 million dollars annually from the sale o

1278101722 51 BP is pushing 500 million dollars annually from the sale o

In time when the British oil company “British Petroleum” to obtain funding sources to cover the costs of oil spill in the Gulf of Mexico,
In addition to twenty billion dollars, which is supposed to pay “BP” in favor of a special fund for people affected by leakage,
The company will suffer the high cost of lending in conjunction with the months and get rid of rating agencies and to reduce its credit rating last week,
Fear of the inability of the company to cope with the consequences of a disaster the Gulf of Mexico.

The average return on bonds, “BP” by 539 basis points, or 5.39% from 41 basis points two months ago – before a disaster occurs, the Gulf of Mexico – and, according to data issued by the “Bank of America Merlnc.”

The company had announced earlier this week, reaching the total cost of oil spill barrier 2 billion dollars, or the equivalent of 33 million dollars a day.

The high return on bonds the company to search for other funding source, which is seeking a loan worth 5 billion dollars away from the bond market, which has become expensive.

It is worth mentioning that the company now has a total of 23.8 billion dollars of bonds payable in accordance with the data “Bloomberg,”

Where the average return on these bonds to 7% from 2.34% on the nineteenth of April, the day before the commencement of the disaster, the Gulf of Mexico.

“BP” is pushing 500 million dollars annually from the sale o