DNO’s takeover offer for Faroe will become unconditional this week after the Norwegian firm secured more shares in the embattled Aberdeen oil company.
Oslo-based DNO, which yesterday raised its offer for the remaining shares in Faroe to £1.60 each, said it owned or had received enough acceptances of its deal to increase its holding to 52.44%.
DNO currently owns 30.65% of Faroe, while its offer convinced investors holding 13.14% of the London-listed firm to part with their shares.
This morning, DNO revealed it had bought 32.2 million more shares, representing 8.65% of Faroe.
The company said its final cash offer for the entire issued capital of Faroe should become unconditional on January 11.