DNO makes 69p-per-share takeover approach for Genel Energy
Norway's DNO has approached Genel Energy's board with a 69p-per-share takeover proposal, confirming a potential acquisition of the British oil firm.
Norwegian oil company DNO has confirmed it has approached the board of Britain's Genel Energy with a proposed takeover offer. The approach values Genel at 69 pence per share, according to a statement from DNO on Friday.
The proposal, which has been put directly to Genel's board, marks a potential consolidation in the oil exploration sector. DNO, which is headquartered in Oslo, has not yet disclosed further terms of the offer, including whether it is in cash or a mix of cash and shares.
Genel Energy, a London-listed oil producer with assets in the Kurdistan region of Iraq, has not yet issued a formal response to the approach. The company's board is expected to review the proposal and respond in due course.
The 69 pence per share valuation represents a premium to Genel's recent trading levels, though the exact premium has not been specified. DNO's move signals continued interest in acquiring assets in the region, where both companies have existing operations.
No formal offer has been made public yet, and the approach remains subject to due diligence and board-level negotiations. Investors will be watching for Genel's response and any further details on the proposed transaction.