Korea National Wins Controlling Stake In UK's Dana

Law360, New York (September 24, 2010, 2:00 PM EDT) -- Korea National Oil Corp. has assumed control of Dana Petroleum PLC in a hostile takeover valuing the British energy company's stock and convertible bond holdings at more than $2.8 billion.

The South Korean company said in a notice issued Friday that it is proceeding with its takeover plan despite failing, as of yet, to reach a 90 percent acceptance threshold from shareholders.

Stock investors that have not yet agreed to the deal have been given an additional 14 days to accept the offer.

As of a...
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