KNOC makes successful grab for UK's Dana

The Korean state-owned oil company acquires a 64.26% stake in Dana Petroleum following a hostile bid and amid expectations of further overseas acquisitions by Korean firms.

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...

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