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DNO Retracts Offer For Calvalley Petroleum, Remains Hopeful

Oslo-based DNO International has decided not to proceed with initial plans to take over Canada’s Calvalley Petroleum, retracting its C$215mn ($210.8mn) offer on 12 July after seeing the target firm’s shares skyrocket in response to its offer. Whereas DNO had previously considered Calvalley to be “a perfect fit,” the firm reconsidered after Calgary-based Calvalley revealed it had received a...