Scottish oil and gas group Dana Petroleum has rejected a hostile takeover bid from the Korea National Oil Corp.
The two billion euro bid was not enough for Dana’s management, who cite an independent valuation that says the company is worth more. Dana claims the offer is 18 percent below what the value was even before it bought the North Sea assets of Canada’s Suncor. The Suncor purchase set Dana back nearly 300 million euros last month.
Dana’s shares have risen by more than 50 percent since Korea’s state-owned KNOC announced its bid for the company at the start of June.
KNOC has been given a five billion euro state fund this year to help it compete with Chinese and Indian rivals.