SEOUL Reuters British oil explorer Dana Petroleum DNX.L will press Korea National Oil Corp to drop its 1.87 billion pound $2.9 billion hostile takeover bid and raise the offer in return for board recommendation, the Financial Times reported.
South Koreas state-run KNOC launched a hostile 1,800 pence a share offer on Friday after it failed to win Danas board approval for its proposal, and said it had received nearly 50 percent of shareholder backing.
The Dana board plans to use its interim results on Friday as a platform to stress its value and hopes that the attraction of a board seal of approval will lure KNOC back to the negotiating table with a higher offer, the FT said in an unsourced report.
A recommended deal, structured as a quicker scheme of arrangement vote, could save KNOC the equivalent of about 25 pence a Dana share in costs, the report said.
KNOC, which said last week its offer was full and final, had no immediate comment.
Reporting by Ju-min Park; Editing by Jonathan Hopfner
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