DNO abandons pursuit of Capricorn Energy, clears way for Genel

(Sharecast News) - Norway's DNO said on Monday that it would not be raising its offer for Capricorn Energy, clearing the way for a $436m takeover by Genel Energy. Capricorn announced on Friday that it had agreed to be taken over by Genel, after it trumped a previously agreed $396m (£292m) takeover by DNO.

The Norwegian oil company said on Monday that it retains a "highly disciplined approach to M&A" and as a result, its offer of $5.214 per share in cash is final and will not be increased.

"DNO continues to rigorously evaluate a pipeline of opportunities, both across the North Sea and the Kurdistan Region of Iraq and other areas in which DNO can successfully deliver its strategy," the company said. "DNO has had positive interactions with the Egyptian authorities in respect of its offer for Capricorn and continues to evaluate Egypt for investment opportunities.

"DNO values its ongoing relationship with Genel, its partner in the Tawke licence in the KRI, and wishes it every bit of luck."

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