21 August 2010;business-standard.com:London/seoul: State-run Korea National Oil Corp (KNOC) made a hostile cash bid worth $2.9 billion for Britain’s Dana Petroleum Plc on Friday, highlighting a strengthening in South Korea’s resolve to secure energy assets overseas. Seoul gave KNOC a $6.5 billion warchest this year to compete with energy-hungry Asian state firms aiming to secure future supplies for their growing economies. Chinese and other firms have so far outgunned KNOC in bigger M&A battles. The biggest hostile bid by a South Korean firm comes after Dana’s management earlier this month rejected KNOC’s 1,800 pence per share proposal. The London-based explorer urged investors to take no action but investors doubted another bidder was in the wings after two months of on-off bid talks yielded no other interested party.
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