Shares in Dragon Oil hit record high

Shares in Irish independent exploration and production company Dragon Oil rose to a record high following a €5.1 billion buyout offer from Dubai’s Emirates National Oil Company yesterday.

Emirates National Oil Company, a 54-percent shareholder in Dragon Oil, made an offer of 750 pence per share in the Irish oil company.

The UAE energy company had two previous offers of 650 pence per share in March and 735 pence per share in May rejected by Dragon Oil.

A spokesman for the Irish company told the Irish Independent that an offer document providing further detail on the deal would be sent out to the company’s minority shareholders within 28 days of the announcement.

After the document has been sent out, the minority shareholders will have a minimum of 21 days to decide whether or not to sell their shares.

Dragon Oil, which produces oil from Turkmenistan, will be delisted from the London and Irish Stock Exchanges once the takeover has been completed.

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