A month after state-owned Korean National Oil Corporation made its hostile $2.88 billion cash bid for Aberdeen, Scotland-based Dana Petroleum, Dana announced that it is acquiring Petro-Canada’s U.K. assets for $372 million and accused KNOC of undervaluing the company.
Dana announced on Wednesday that it had agreed to acquire North Sea oil and gas assets from Petro-Canada, now a subsidiary of Calgary-based Suncor Energy. On the same day, Dana reiterated its opposition to KNOC’s takeover offer in a press release, stating that the Korean oil giant’s bid undervalued the company because it was unaware of Dana’s own acquisition efforts.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
