January 3, 2019 / 7:08 AM / 5 months ago

DNO raises Faroe Petroleum stake to 43 pct, extends bid deadline

OSLO, Jan 3 (Reuters) - Norwegian oil firm DNO has raised its stake in Britain’s Faroe Petroleum to about 43 percent, it said on Thursday, falling short of the 57.5 percent needed to give it an unasailable majority shareholding.

Faroe’s board and management have repeatedly rejected DNO’s 610 million pounds ($768.60 million) takeover offer as hostile and inadequate, arguing that it substantially undervalued the Aberdeen-based company.

$1 = 0.7937 pounds Reporting by Terje Solsvik, editing by Gwladys Fouche

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below