ENOC to buy Dragon Oil for £2.4bn

Nov 02, 2009

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Oil and gas firm Dragon Oil confirmed it has agreed to be bought by majority shareholder Emirates National Oil Co for around £2.4bn.

Under the terms of the takeover Emirates National Oil Co, which has a 51% stake holding in Dragon Oil, has agreed to pay 455p a share in cash.

Commenting on the acquisition, Dubai based ENOC said the deal "significantly improves operational flexibility and supports ENOC's strategy of growing the current business in the Middle East and in Turkmenistan."

Dragon Oil said it "considers the terms of the acquisition to be fair and reasonable."

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