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Dana Petroleum set to hold international business negotiations

Korea National Oil Corporation to bid for British oil firm

02 August 2010


Dana Petroleum is set to hold international business negotiations with Korea National Oil Corporation (KNOC).

Negotiations could start this week as Tom Cross, chief executive of Dana, is reportedly poised to meet KNOC officials to discuss the sale of Dana.

KNOC are readying an offer of £1.7 billion and are unwilling to raise their valuation of the British oil firm.

Dana is looking for a higher bid than the present £18 a share offer and the business is refusing to open its books to KNOC until it has confirmation over the funding of the deal.

However, a number of investors in Dana, including Schroders which holds a 13 per cent stake in the company, claim the proposed offer is an accurate valuation of the firm.

KNOC had a £17 a share offer rejected by Dana at the start of the last month.

Dana currently holds the lucrative Anne-Marie well in the North Sea, as well as projects in Alaska and Egypt.

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