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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  DNO    DNO   NO0003921009

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

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01/11/2019 | 11:38am EST
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 2.39% 16.51 Delayed Quote.28.49%
FAROE PETROLEUM PLC 0.00% 160 Delayed Quote.8.84%
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Financials ($)
Sales 2018 656 M
EBIT 2018 221 M
Net income 2018 184 M
Finance 2018 138 M
Yield 2018 0,95%
P/E ratio 2018 10,77
P/E ratio 2019 6,03
EV / Sales 2018 2,90x
EV / Sales 2019 1,84x
Capitalization 2 044 M
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Number of Analysts 10
Average target price 2,28 $
Spread / Average Target 21%
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Bjørn Kenneth Dale Managing Director
Bijan Mossavar-Rahmani Executive Chairman
Haakon Sandborg Chief Financial Officer
Gunnar Hirsti Director
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