KNOC has no intention to improve its offer for Dana
Korean National Oil Corp. (KNOC) has no plans to increase its offer of 1.67 billion pounds sterling (two billion euros) on the British Dana Petroleum to obtain the support of its leaders, said Tuesday the Director General of the South Korean group.
"We believe our offer values Dana fairly and comprehensively, and we do not intend to meet," said Kang Young-Reuters won the sidelines of a forum of Asian oil companies in Seoul.
The oil company in South Korea on Friday launched a hostile bid of 1,800 pence per share to acquire the British oil group after the rejection of its proposal by the Board of Directors of the latter.
KNOC said he already received the support of nearly 50% of shareholders.
Some analysts believe that Dana's reluctance to accept an offer yet considered by many to be generous is linked to the commitment of Tom Cross, CEO of Vodafone, to his business.
The Financial Times reported Monday that the board of directors of Dana had to take the publication of interim results on Friday to highlight the value of the group. The British hoped that the prospect of a recommended offer could prompt KNOC to return to the negotiating table, the FT said, without citing sources.
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