Dragon Oil share price muted after Enoc takeover clears final hurdle

Jessica Morris
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The takeover will be a culmination of long-held ambitions by Enoc (Source: Getty)

Emirates National Oil Company's (Enoc) bid for Ireland-based Dragon Oil has cleared its final hurdle today.

In a statement, Dragon Oil said it will delist from the Dublin and London stock exchanges on 7 September, after Enoc received enough acceptances of its £4bn offer to compulsorily acquire any remaining shares in the Irish explorer.

Enoc won its long-running battle for Dragon Oil earlier this month when it revised its bid to 800p per share. This won backing from two of company's largest minority shareholders, Elliott Advisors and Baillie Gifford, which has previously rejected a series of lower offers

It's the culmination of a long-held ambition by Enoc to snap up Dragon Oil. It first made an offer of 650p per share in March, which it raised to 735p in May. This came after a rebuffed offer made back in 2009.

Despite this, shares in Dragon Oil rose by a muted up 0.1 per cent to 800p per share in mid-morning trade.

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