KNOC completing hostile takeover of Dana

By OGJ editors
HOUSTON, Sept. 27
-- Korea National Oil Corp. declared victory in its hostile bid to take over Dana Petroleum, Aberdeen.

KNOC began its $2.9 billion bid for Dana on Aug. 20 and on Sept. 24 said it had received acceptances representing 64.26% of outstanding shares (OGJ, Aug. 30, 2010, Newsletter). It then made its offer unconditional, and Dana recommended acceptance by remaining shareholders.

Dana reported average production last year of 38,650 boe/d, mainly in the North Sea and Egypt.

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