DNO International's shareholders approved a merger with RAK Petroleum's oil and gas units in the Middle East and North Africa after two months of wrangling over the issue.
At an extraordinary general meeting in Oslo yesterday, 77 per cent of shareholders voted in favour of DNO merging with majority shareholder RAK in exchange for DNO shares.
"This is a large and resounding endorsement by the shareholders of the company's board, the company's management and the company's direction and also of this merger," said Bijan Mossavar-Rahmani, the DNO chairman. "I'm pleased we have that larger mandate. With all the noise and all the disinformation and misinformation that has been floating around, the company has been damaged, unnecessarily so."
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