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Dragon Oil asks for ultimatum on takeover bid
- United Arab Emirates: Tuesday, September 22 - 2009 at 09:48
Dubai-based independent oil and gas producer, Dragon Oil, will ask the Irish Takeover Panel to issue an ultimatum to the oil explorer's largest shareholder, Emirates National Oil Company (ENOC), to either make a bid for the company or stop its takeover attempts, the Sunday Times has reported. ENOC, which owns 52% of Dragon, said in June it was considering a bid for the remaining 48%. Talks have stalled and HSBC and Davy Corporate Finance, Dragon's advisers, want to bring the situation to a head.
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StaffTuesday, September 22 - 2009 at 09:48 UAE local time (GMT+4)
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