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FINANCIAL NEWS
Larsen offers to buy 33% stake in DNO to block RAK merger
08 Nov 2011
(MENAFN) DNO International received an offer from it Ex- chairman Berge Gerdt to buy 33.33 percent of the Norwegian oil producer’s shares, Bloomberg reported.
The move was aimed at blocking a merge deal with RAK Petroleum valued at USD1.64 billion.
Larsen has said the merger undervalued DNO and blocked a possible higher bid from other interested parties.
77 percent of shareholders voted in favor of DNO merging with RAK in exchange for DNO shares at an extraordinary general meeting in Oslo last week.
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