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Dragon Oil Enoc takeover to be rejected
- United Arab Emirates: Thursday, November 12 - 2009 at 11:01
Baillie Gifford & Co, Dragon Oil's largest minority investor has said that it would reject a takeover bid from controlling shareholder Emirates National Oil Co. (Enoc) that values Dragon at $3.9bn, Reuters has reported. The 455 pence-a-share offer 'materially understates the fundamental and strategic value' of Turkmenistan-focused Dragon, the firm said. Clients' holdings under the management of Baillie Gifford & Co. amount to 4.2% of the issued share capital of Dragon Oil.
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StaffThursday, November 12 - 2009 at 11:01 UAE local time (GMT+4)
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