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Enoc offers 44% premium to buy Dragon Oil for £3.6 billion

Staff writer |
The Emirates National Oil Company (Enoc), a controlling shareholder with 54% ownership in Dragon Oil’s equity, has put forward an informal offer to buy out the company’s minority shareholders.

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The deal would value the company’s equity at £3.6 billion.

Enoc has bid at 735 pence a share, which is a 44% premium to Dragon Oil plc's share price on March 13 of 509.5p. That was the last trading day prior to Enoc’s disclosure to the oil producer of its plans to make an offer.

Minority shareholders in Dublin and London-listed Dragon Oil include US investment group Franklin Templeton, which has a 4% stake and Fund Manager Baillie Gifford, who owns 7% of the company.

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