Dragon Oil and Emirates National Oil seal £3.7bn deal

Emirates National Oil agreed to buy the stock in Dragon Oil it doesn't already own for 750 pence a share, valuing the Irish-listed firm at about £3.7 billion (€5.1 billion).

The offer represents a premium of about 47 per cent to the closing price of 509.5 pence on March 13, the business day before the talks were initially disclosed, ENOC said Monday in a statement.

ENOC’s board and an independent committee of the board of Dragon Oil have reached an agreement on the cash offer.

ENOC, owner of 53 per cent of Dragon, said in May it intended to offer 735 pence a share.

"With production close to plateau at its sole producing asset and with an uncertain market backdrop, this Offer provides Dragon Oil's minority shareholders certainty and a clear opportunity to realise significant cash today," ENOC group chief executive Saif Al Falasi said.