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.
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