KNOC CEO says no plan to raise $2.6 billion Dana offer
SEOUL (Reuters) - State-run Korea National Oil Corp will not consider raising its $2.6 billion hostile takeover offer for British oil explorer Dana Petroleum in return for management backing, KNOC's chief executive said on Tuesday.
"We believe our offer values Dana fairly and fully and have no plan to consider raising it," KNOC chief executive Kang Young-won told Reuters on the sidelines of a forum of Asian state oil companies in Seoul.
South Korea's state-run KNOC launched a hostile 1,800 pence a share offer, worth 1.67 billion pounds ($2.6 billion), on Friday after it failed to win Dana's board approval for its proposal, and said it had received nearly 50 percent of shareholder backing.
(Reporting by Miyoung Kim; Editing by Jonathan Hopfner)
