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Enoc agrees to buy out Dragon Oil shares

Emirates National Oil Company (Enoc) has agreed to buy the remaining…

November 2, 2009 1:25 by



Emirates National Oil Company (Enoc) has agreed to buy the remaining 48 percent shares of Dragon Oil that it doesn’t already own for $1.9 billion, reports Reuters. The 455 pence a share bid brings the value of the Turkmenistan-focused oil company to $3.8 billion.

Dragon Oil’s shares rose 9 percent to 446 pence at 0909 GMT following the announcement.



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1 Comment

  1. elias on November 9, 2009 10:28 pm

    ENOC has got away with murder!
    the stock surely is worth £6-£7 a share.
    The Directors are being irrsponsible in accepting the deal. Is there a way of investegating this deal?

     

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