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Dubai’s Emirates National Oil Company (Enoc) is preparing to de-list Dragon Oil after it raised its offer for the remaining shares in the upstream player that it does not already own. The revised valuation of total Dragon Oil shares to £4bn ($6.2bn) from £3.7bn previously, convinced two of the largest minority shareholders to come on board, virtually securing the deal for Enoc at its second try.
Enoc, which has a 54% stake in Dragon oil, said in a statement on 2 August that it had raised its offer for the remaining 46% to £8/share in response to opposition from three key shareholders, Baillie Gifford, Elliott Associates and Setanta Asset Management, who said that the previous offer of £7.5/share undervalued the company.
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