Korean £1.87bn hostile bid for Dana likely to tempt Buxton

South Korea state-owned oil company KNOC has launched a £1.87bn hostile takeover bid for Dana Petroleum, a figure likely to tempt the Aberdeen-based group's largest shareholder Schroders.

The £18 per share bid for the company, as well as a a cash offer for Dana convertible bonds, is at the same level Dana rejected last month. KNOC says it has already secured support for its offer from 48.62% of Dana's shareholders. Schroders, Blackrock and JPM have signed non-binding letters of intent, the FT reports. Richard Buxton, Schroders' head of UK equities, last month warned Dana it should take the offer seriously. "We've urged the board to engage with the Koreans for some time," he told the Telegraph. "I haven't spoken to anyone who wouldn't want Dana to look at an £18 bid....