DNO Abandons Takeover Bid for Genel Energy After Acquiring Capricorn
Norwegian oil and gas operator DNO has decided not to proceed with a proposed takeover of British energy firm Genel Energy, following its recent acquisition of Capricorn. The decision led to a sharp decline in Genel's stock price on Friday, dropping by 14.6% in London trading. In August, DNO had made an initial offer for Genel at 69 pence per share, valuing the company significantly. However, after acquiring Capricorn—a move that likely altered its strategic priorities—DNO has opted to withdraw from further discussions with Genel Energy.
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