DNO makes ‘final offer’ to take over Faroe Petroleum

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Norwegian oil explorer DNO has increased its offer to acquire Aberdeen-based Faroe Petroleum, as its pursuit of the North Sea firm continues.

The Oslo-listed company has made a revised offer of £1.60 per share, up from an initial £1.52 tabled in November, and values the company at £641.7million.

DNO said it “does not overpay” for assets, but is increasing this “final offer” aims to close off the process with a new closing date of 1pm on January 23.

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