Dragon Investor Nixes Bid

摘要

Dragon Oil's biggest minority shareholder has rejected a $1.9 billion cash bid from Dubai state refiner Emirates National Oil Co. (Enoc) that would give it 100% of Dragon, saying it "materially undervalues" the Turkmenistan-focused oil producer (IOD Nov.3,p2). "Over the past decade, the company has delivered very strong oil production growth which we believe should be sustained for a number of years to come," Scotland-based investment firm Baillie Gifford said Wednesday. "We would encourage management to continue its successful growth strategy and progress its proposed restructuring and application for primary listing on the London Stock Exchange."