Dana Petroleum turns down hostile bid from KNOC

Dana Petroleum has rejected a hostile £1.67bn bid from Korea National Oil Corp, citing an independent valuation that said the explorer was worth considerably more.

Dana also unveiled the acquisition of North Sea assets from Canada's Suncor for £240m.

Last month KNOC made its 1,800 pence bid direct to Dana's shareholders after failing to convince Dana management to recommend its bid.

Dana said independent experts it hired to value the company said it was worth from 2,120 pence to 2,465 pence, based on existing assets and over 3,000 pence if one assumed success in its exploration plans.