Dragon Oil Plc shareholders rejected a bid by Emirates National Oil Co. to buy the 48.5 percent of stock it doesn’t own, ending an attempt by the Dubai state-owned refiner to strengthen control over assets in Turkmenistan.
ENOC pressed ahead last month with its 1.1 billion-pound ($1.8 billion) takeover of Dragon Oil, even as the emirate struggled to contain a debt crisis. The refiner, which already owns 51.5 percent, will drop the purchase and Dragon will remain a majority-owned subsidiary of ENOC.
Oil producers have targeted acquisitions after a drop in crude prices from last year’s record made assets more affordable. ENOC sought full control over Dubai-based Dragon, which operates mainly in Turkmenistan, as it expands into oil and gas production abroad to meet rising domestic energy demand.
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