An acquisition at 2 billion euros in oil
August 22, 2010
Major operations are continuing in the commodities sector. After the takeover of the Anglo-Australian BHP Billiton on the Canadian Potash and the takeover of British Power by GDF Suez International, an English exploration company Dana Petroleum is the subject of a hostile takeover by the Korean group Korea National Oil Company (KNOC). Predator one day – Dana Petroleum has acquired a week ago Petro Canada Netherlands, a subsidiary of Petro Canada Holdings – the British company becomes a target for its competitors. The action of the British company jumped 5.60% to 1790 pence (21.79 euros) to the London Stock Exchange, about 1:50 p.m..
The Korean group has therefore finally unable to negotiate a friendly takeover with the direction of the British group. On 12 August, Dana Petroleum has announced that it had rejected the friendly offer of redemption to 1800 pence per share that KNOC had presented it as inadequate."Initially, I thought the company would be acquired rather by" utilities "as European or GDF Suez Eon. But the fact that KNOC seeks new reserves to diversify geographically fully justified this operation, "said Herve Mangin, specializing in mergers and acquisitions at Axa IM Guaranteed payday loans.
The Korea National Oil Company proposes to redeem the shares of Dana at a price of 1,800 pence, or 21.88 euros, payable entirely in cash. The transaction values and the British group at 1.87 billion pounds or about 2.27 billion euros.The offer represents KNOC a gain of 58.6% over the closing price of Dana Petroleum last June 30, eve of the launch of the tender offer.
A year after the acquisition of Canada Canadian Harvest Energia for 1.8 billion Canadian dollars (1.1 billion euros), KNOC is pursuing its policy of strategic transactions. And the Korean should not stop there way. "KNOC has announced plans to spend 6 billion dollars this year. The group should then proceed to another operation of similar size in the oil sector, probably in Europe, because it is strong in North America and Asia, "says Herve Mangin.
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