Korea reached another milestone last week as its state-owned oil company won an aggressive bid for ownership of a UK oil explorer. Having already established a worldwide reputation for product and brand quality, Korean companies seem set for a more assertive role on the global stage as the country competes for natural resources and intellectual properties.
Korea National Oil Corporation (KNOC) said on Friday that it had gained control of Dana Petroleum, the Scottish oil exploration company, in a £1.87 billion ($2.9 billion) hostile takeover. KNOC received acceptance for its bid from shareholders representing 34.76% of Dana’s common equity, adding to the 29.5% stake it has already bought in the open market since its approach to the company on July 1. Its offer also included a bid for £141.5 million of Dana’s convertible bonds.
The company announced that the all-cash offer was now unconditional, and Dana's management finally advised shareholders to accept it. Dana shares rose five pence on Friday to £17.98.
