Middle East Economic Survey

VOL. LII

No 51-52

21/28-Dec-2009

CASPIAN

Dragon Oil Shareholders Reject Takeover Offer By ENOC

Shareholders in Dubai-based Dragon Oil on 11 December rejected a takeover offer by majority shareholder Emirates National Oil Company (ENOC), which holds 51.5% of the company. An independent committee recommended in early November that shareholders allow ENOC to purchase the other 48.5% of the company for a cash price of 4.55/share, effectively valuing the London and Irish...