KNOC Acquires Majority Stake in Dana

Korea National Oil Corporation (KNOC) has won control over Dana Petroleum in a £1.87bn ($2.9bn) hostile takeover.

KNOC acquired control of 64.26% of Dana’s stock with its 1,800 pence-a-share offer, according to Bloomberg.

KNOC, Asia’s fourth-largest energy consumer, is turning aggressive to secure supplies after acquisitions by other Chinese firms jumped eight-fold in three years.

KNOC made the hostile bid on 20 August 2010, offering a 59% premium over the closing price the day before Dana first announced the approach on 1 July 2010.