Dubai's ENOC eyes 'modest premium' for Dragon Oil

LONDON: Dubai state-owned Emirates National Oil Company (ENOC) said it only planned to pay a "modest premium" to secure control of London-listed Dragon Oil, knocking Dragon's shares and prompting accusations of opportunism. Dragon, in which ENOC already owns 52 percent, according to Reuters data, said on Thursday it had received a takeover approach from an unnamed party.ENOC said yesterday it was behind the approach.

"It (ENOC) is currently considering an offer price that would represent a modest premium to Dragon Oil plc's closing share price as of 3 June 2009," ENOC said in a statement.Dragon's London-listed shares closed at 3.38 pounds on June 3, suggesting the Dubai state company was planning to pay $1.1-1.5 billion to buy out its minority partners.