Enoc In First Step Towards Possible Dragon Takeover

Emirates National Oil Company (Enoc), which has been on the prowl for potential acquisitions to expand its overseas upstream portfolio, has approached Turkmenistan-focused Dragon Oil with an offer for the remaining shares in the company it does not already own. Enoc said in a statement on 19 March that the approach, which was made on 15 March, does not constitute a firm offer under the takeover rules of the Irish stock exchange, where Dragon is listed.

Dragon confirmed the approach by Enoc and said it had set up a committee made up of four non-executive directors and two financial advisors to evaluate the proposal by Enoc “in relation to a possible offer for the entire issued and to be issued share capital of the Company it does not already own.” Enoc, which is owned by the Dubai government, has a 51.9% majority stake in Dragon oil and tried in 2009 to buy out the minority shareholders without success. (CONTINUED - 800 WORDS)