Det norske rejects Noreco merger offer

摘要

Norway's Det norske oljeselskap has rejected a proposed merger with Oslo-listed Norwegian Energy Company(Noreco)via a share-for-share because of its poor timing.Noreco made the offer yesterday,saying such a deal would create the Oslo Stock Exchange's largest independent E&P player with market cap of around US 572.4m and production of 18,000 boe/d from 10 fields.It would also have a balanced portfolio of assets in Norway,the UK and Denmark.