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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 kippreport
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.