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...
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