KNOC Signals Potential War

摘要

Korea National Oil Corp. (KNOC) has signaled it may turn hostile in its pursuit of UK-listed upstream player Dana Petroleum (IOD Aug.13,p1). In response to Dana’s statement late last week that KNOC’s indicative ￡18 ($28.30) per share cash offer was not high enough, the Korean state-owned company noted that while it was now “considering its options in relation to Dana,” its indicative proposal was no longer subject to the preconditions sketched out in late July. As these preconditions focused mainly on the Dana board approving of any proposed takeover and allowing KNOC to conduct due diligence on that basis, the ground is obviously cleared for a hostile approach to shareholders over the heads of the Dana board.