Korean oil company claims control of UK's Dana

[September 24, 2010]  LONDON (AP) -- Korea National Oil Corporation says its takeover bid for Dana Petroleum PLC has won support from holders of 64 percent of Dana shares.

KNOC declared its offer unconditional, and said Friday that it intended to delist Dana.

Dana's board had argued that KNOC's offer worth 1.87 billion pounds ($2.9 billion) undervalued the company by at least 26 percent, but the Korean company refused to raise its bid of 1,800 pence per share.

KNOC said that if it gets acceptances from holders of 90 percent of Dana's shares, it will buy the remainder through compulsory purchase.

[Associated Press]

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