Schroders, the largest shareholder in Dana Petroleum, has urged the oil group to consider a £1.7bn possible offer from the Korea National Oil Company.
Dana advised shareholders to take no action over the £18-a-share approach by KNOC on Friday. This was despite the bid being at a 50% premium to Dana's share price before Korean interest was announced on July 2. The oil company's shares jumped 13% to £17.06 by the close of trading on Friday. Richard Buxton, Schroders' head of UK equities, has warned Dana it should take the offer seriously. "We've urged the board to engage with the Koreans for some time," he told The Telegraph. "I haven't spoken to anyone who wouldn't want Dana to look at an £18 bid."
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