Enoc seals takeover deal

02/11/2009

Investors in an oil company were looking at good profits this Monday (November 2nd), after a takeover deal was announced.

The Emirates National Oil Company (Enoc), part of the Dubai government, announced the £2.35 billion deal to buy up the 48 per cent of Dragon Oil that it does not currently own.

Analysts had been aware that the deal was likely to occur for some time.

Nigel McCue, the Dragon investors' representative, said: "The offer allows our minority shareholders to crystallise cash value at a significant premium to the level at which the company's shares were trading prior to the Enoc approach."

Enoc believes that its financial strength will help Dragon to expand. Shares for the company are currently valued at 455p per share.

The wholly-owned Dubai government company states that it is a leading force for economic diversification within the United Arab Emirates.