finance.yahoo.com

Genel Rejects £202m Cash Approach From DNO, Shares Jump 13%

DNO ASA logoDNO ASA
Sig2.35Sen+1.40Env0.00Soc0.00Gov+0.90
Genel Energy logoGenel Energy
Sig2.15Sen+4.25Env0.00Soc0.00Gov+0.30

Genel Energy shares rose 13% to 56.6p after rejecting DNO’s £202 million cash approach. DNO, the Norwegian rival in Iraq’s Kurdistan region, made the offer public and plans continued engagement. Its proposal values Genel at 69p per share, citing a 38% premium and added offer certainty under the UK takeover code.

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