ENOC clears last hurdle in Dragon Oil takeover

The Emirates National Oil Company (ENOC) said it gained approvals from enough investors to go ahead with its takeover of Dragon Oil.

ENOC’s takeover of Dragon Oil, in which it already had a 54% stake in, valued the Dublin and London Listed explorer at about £4bn.

In a statement, ENOC said it received approvals from 41.9% of investors, which allowed it to go ahead and compulsorily acquire the shares of any holders which did not agree to the deal.

Dragon will be delisted from both exchanges on 7 September 2015, ENOC said in its update.

At 0849 BST, Dragon Oil shares on the London Stock Exchange were up by 0.06% to 799.50p.