ENOC makes move for Dragon Oil

By DAILY MAIL REPORTER
Updated:

 

The former executive chairman of Turkmenistan-focused Dragon Oil could make £22m after Emirates National Oil Co offered to buy the firm.

Hussain M Sultan and fellow investors will get 455p for each of their shares in the UK-listed explorer under the proposal.

However, the deal has not won universal praise, with analysts at NCB Stockbrokers arguing ENOC is paying what it can afford, not what Dragon Oil is worth.

ENOC has offered to buy the 48.5% of Dragon Oil that it doesn't already own in a deal that values the entire firm at £2.4bn.

The other big investors include fund managers Baillie Gifford with 4% of the shares and JP Morgan with 3%.

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