Faroe Petroleum's suitor fails in equity takeover attempt

Despite massive resistance from Faroe Petroleum's board of directors, the interested party, DNO, has acquired around 43 percent of the former's equity. However, that is far from enough to secure a takeover.

It comes to the displeasure of Faroe Petroleum's board of directors that competing oil outfit DNO has now acquired a substantial stake in the independent oil company.

According to a stock exchange notice Friday morning, DNO purchased 2,754,110 shares in Faroe Petroleum on Jan. 3 at a price per share between GBP 1.47 and GBP 1.52. DNO thus now directly holds 30.6 percent of Faroe's equity.

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