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Saturday, 21 November 2009 23:40 UAE time

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Dragon Oil to request takeover bid ruling - report

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 20 September 2009
BID RULING: Enoc is a 52% shareholder in Dragon Oil. (Getty Images)
BID RULING: Enoc is a 52% shareholder in Dragon Oil. (Getty Images)

Dragon Oil is to ask the Irish Takeover Panel to issue an ultimatum to the oil explorer's largest shareholder, Emirates National Oil Company (Enoc), to make a bid for the company or walk away, the Sunday Times said.

The UK newspaper said the group would request a "put up or shut up" ruling from the panel within the next 10 days if Enoc does not come forward with an offer.

Dubai state-owned Enoc said in June it was considering making an offer at a "modest premium" to secure control of Dragon Oil, in which it already owns 52 percent.

No one at Dragon Oil was immediately available to comment. (Reuters)

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