Buxton reiterates support for hostile Dana approach

Schroders' Richard Buxton has reiterated his support for Korean state-controlled oil producer KNOC's hostile pursuit for Dana Petroleum.

Dana has urged investors not to accept the £18 per share bid from KNOC, arguing it was worth almost a fifth more than the Korean offer. But Buxton told mergermarket he is ready to declare his binding support for the offer on the table, the Guardian reports. Schroders is the largest shareholder in Dana, owning 13% of the company. Dana's defence strategy includes a £240m acquisition of some North Sea fields, assets it says are worth considerably higher than the price paid. It also argues its oil and gas reserves could quadruple by the end of 2012. However, Buxton believes this does n...