Middle East Economic Survey

VOL. LIV

No 46

14-Nov-2011

UAE

Petrolia Bids For DNO Equity, Threatening DNO/RAK Merger Plan

Oslo-listed Petrolia has made a bid to take equity in Norways DNO International, potentially derailing a planned merger of DNO with the UAEs RAK Petroleum. Petrolia, headed by former DNO International Chairman Berge Gerdt Larsen, announced on 7 November that it had offered to buy up to 33.33% of DNOs outstanding shares at NOK10/share ($1.77/share), saying also that it...