Shares in Norwegian oil producer DNO International ASA (DNO.OL) rose on Tuesday after DNO said it rejected interest from UAE-based RAK Petroleum PLC to buy DNO's treasury shares at a premium to the stock market price.
RAK, based in the northern emirate of Ras al-Khaimah in the UAE, said it held 45.25 million shares in DNO, or 5 percent of the total, after buying 8,000 shares on Monday.
RAK said it had informed the board of DNO that it was also interested in purchasing for cash, at "a meaningful premium" to the current market price, substantially all the treasury shares held by DNO together with any rights of issuance.
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