Faroe Petroleum concedes defeat in takeover battle with DNO

© SuppliedPost Thumbnail

Faroe Petroleum’s board has conceded defeat in its fight against a takeover bid by Norwegian oil explorer DNO.

The company’s board has now told shareholders to accept the firm’s “final offer” made last night.

It comes after DNO this morning increased its shares in the company to more than 50%.

>> To read more on Energy Voice, click here <<