Enoc boosts Dragon Oil offer

Dubai - Emirates National Oil Company had offered to buy 46 per cent of Dragon Oil it didn't own for 750 pence a share, or £1.7 billion on June 15.

Emirates National Oil Company, or Enoc, on Sunday increased its offer to buy Dragon Oil to 800 pence ($5.12) a share, winning support from minority owners including billionaire Paul Singer's Elliott Advisors UK that rejected its offer in June.
Elliott and Baillie Gifford & Company, which hold a combined 13.1 per cent stake in Dragon Oil, have accepted the new price, Enoc said in a statement.
Enoc had offered to buy 46 per cent of Dragon Oil it didn't own for 750 pence a share, or £1.7 billion on June 15. The Dubai-based company said it plans to delist Dragon Oil from the London and Dublin exchanges. The company has gained acceptances from 29.92 per cent of Dragon oil shareholders.
"We look forward to taking operational control of Dragon Oil and integrating the company into the Enoc Group, moving another step closer towards creating a fully integrated oil and gas company," Saif Al Falasi, group chief executive of Enoc, said in the statement.
"We are pleased to have the support of the required majority of Dragon Oil shareholders for our revised offer of 800 pence; including the two largest minority shareholders - Baillie Gifford and Elliott Capital Advisors. With the level of acceptances now received, we have declared the offer unconditional in all aspects," he added.
Shares of Dragon Oil rose 1.5 per cent to 733 pence on Friday in London. They have gained 44 per cent since March 13, the business day before the takeover talks with Enoc were disclosed.
"We will begin the process of delisting Dragon Oil from both the Irish and London Stock Exchanges shortly. Any additional minority shareholders wishing to accept the offer of 800 pence can tender their shares into our offer," Al Falasi said.
- business@khaleejtimes.com