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Emirates National Oil Company (Enoc), which is aiming to become a global upstream player, has made an offer to purchase the remaining shares in Turkmenistan-focused Dragon Oil that it does not already own. The offer, which follows an informal approach made by ENOC in March, values London-listed Dragon at £3.6bn ($5.5bn), substantially higher than the March valuation, Enoc said in announcing that it was moving forward with the proposed takeover.
Enoc, which is owned by the government of Abu Dhabi, confirmed in a statement that it has held discussions with the independent committee of the board of Dragon Oil regarding the possible cash offer for Dragon. As a result of the discussions and shareholder feedback as well as market reaction, Enoc is proposing a cash offer of £0.735/share, a 44.3% premium to the closing price of £0.5095/share on 13 March, the business day immediately before the date of the first approach by Enoc, it says. (CONTINUED - 1036 WORDS)