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KNOC will wait on Dana's shareholders

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KNOC will wait on Dana's shareholders

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Korea National Oil Corporation is reportedly prepared to wait for shareholders of UK’s Dana Petroleum to respond to its hostile bid.

The source that told Reuters that would not comment on a report that Dana is seeking a higher offer in return for board approval.

It may be difficult for Dana to get that as nearly 50 percent of the British firm’s shareholders are known to be backing the Korean bid.