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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  DNO ASA    DNO   NO0003921009

DNO ASA

(DNO)
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DNO : Faroe Petroleum executives to resign after hostile takeover by DNO

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01/11/2019 | 12:38pm EDT
FILE PHOTO: The word oil is pictured on an oil bank at a recycling yard in London, UK

LONDON (Reuters) - Faroe Petroleum's Chief Executive Graham Stewart, Chief Financial Officer Jonathan Cooper and Chief Operating Officer Helge Hammer will resign, Faroe said on Friday after the company was taken over in a hostile bid by DNO.

The executives, including Stewart who was among the founders of Faroe, will step down within three months from Jan. 11, after DNO succeeded in buying a majority stake in the company, Faroe said.

An acrimonious takeover battle ended this week when DNO said it has succeeded in buying more than half of Faroe's shares. It had offered 160 pence a share for Faroe, valuing it at 641.7 million pounds. DNO said earlier on Friday it owned or had acceptances for 76.5 percent of Faroe.

DNO had repeatedly criticised Faroe's leadership in such a way as prompting analysts to wonder if it might not undermine its own pursuit of the company.

DNO, whose assets are mainly in Iraqi Kurdistan, will diversify its business with Faroe's North Sea assets.

A spokesman for DNO had no immediate comment.

(The story corrects the value in third paragraph to 641.7 million pounds)

(Reporting by Shadia Nasralla, editing by Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
DNO ASA -2.73% 18.92 Delayed Quote.54.78%
FAROE PETROLEUM PLC 0.00%End-of-day quote.0.00%
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Financials ($)
Sales 2019 768 M
EBIT 2019 240 M
Net income 2019 199 M
Finance 2019 401 M
Yield 2019 1,48%
P/E ratio 2019 11,27
P/E ratio 2020 8,08
EV / Sales 2019 2,70x
EV / Sales 2020 2,55x
Capitalization 2 477 M
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TrendsBullishBullishBullish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 2,36 $
Spread / Average Target 2,6%
EPS Revisions
Managers
NameTitle
Bjørn Kenneth Dale Managing Director & Director
Bijan Mossavar-Rahmani Executive Chairman
Haakon Sandborg Chief Financial Officer
Gunnar Hirsti Director
Shelley M. Watson Director
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