Dragon, Petroceltic halt takeover talks

Offshore staff

DUBAI, UAEDragon Oil has dropped a proposed bid for Dublin-based independent Petroceltic in light of recent oil price developments.

The two parties had discussed an offer values at £2.30 ($3.60) per share in cash, subject to shareholder approvals.

Under Ireland’s takeover rules, Dragon can submit a new offer 12 months after pulling out or earlier if invited by Petroceltic to re-start talks.

12/02/2014

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