herald

Tuesday 24 October 2017

Dragon Oil considers bid

resources

Dublin-listed oil and gas explorer Dragon Oil has formed an independent committee to assess the possible £2bn plus (€2.78bn) sale of the company to majority shareholder Emirates National Oil Company.

Emirates, which currently owns 54pc of Dragon, has made the company an approach earlier in the week to buy the shares of the firm which it does not currently own.

The value of the bid is not known, although Emirates said that its approach reflected a premium to Dragon's closing share price of 509p last Friday.

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