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...
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