ENOC offers £7.50 per share for Dragon Oil

Emirates National Oil Company (ENOC) has agreed to make a cash offer of £7.50 per share for the 46 per cent of Dragon Oil it does not already own, valuing the exploration company at around £3.7 billion (€5.1 billion).

The offer, which is worth £1.7 billion, has been recommended by an independent committee of the board of Dragon Oil which said it reflects "the achievements and future prospects of the Dragon Oil Group ...