Tag Archives | RAK

DNO Completes Merger with RAK

DNO International ASA announced the completion on Tuesday of its merger with RAK Petroleum PCL´s MENA operating subsidiaries, and increased its share capital to NOK 255,819,813.75 (comprised of 1,023,279,255 shares of NOK 0.25 each). On Friday, an Oslo court threw out a request by Petrolia Invest AS for an injunction to halt the merger, and […]

RAK/DNO Merger On Track Following EGMs

RAK Petroleum and DNO International announced today [Thursday] that both companies’ shareholders have now approved the merger and the transaction is on schedule to close in early 2012. RAK Petroleum shareholders voted overwhelmingly in favour of the merger at a specially convened meeting in Ras Al Khaimah, UAE, after DNO shareholders voted in favour with […]

DNO Hits High on RAK Merger News

Shares in DNO were up as much as 9.3% on Monday, their highest level since July, before closing up 2.6% at 6.57. Bloomberg says the rise is due to a group of minority shareholders reversing opposition to the planned merger with units of RAK, in exchange for meeting certain demands. The DNO Initiative, representing about […]

Oslo Court Dismisses Claim for Investigation of DNO

The Oslo City Court yesterday fully dismissed a claim from Erik J. Frydenbø, a director in Petrolia ASA and a close associate of Berge Gerdt Larsen, demanding an investigation into the relationship between DNO International ASA’s management and its largest shareholder RAK Petroleum PCL. The Court ruled in favour of DNO and awarded DNO compensation […]

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DNO/RAK Presentation

Boards of Directors of DNO and RAK have approved the merger of RAK Petroleum MENA into DNO International. Please click on the following pages to see the full presentation from the companies:

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DNO Jumps on Merger, London Listing

Shares in Norway-based DNO International jumped 16% on Monday following the announcement of its merger with RAK Petroleum‘s Middle East and North Africa subsidiaries. A tie-up between the two companies has been rumoured for some time, especially following the boardroom coup that saw RAK’s CEO oust DNO’s chairman. You can hear a replay of this […]

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Boardroom Coup at DNO Fuels Bid Speculation

Norwegian investor Berge Gerdt Larsen was booted out as chairman of DNO International on Thursday, in a boardroom coup led by majority shareholder RAK Petroleum. RAK chief executive, Bijan Mossavar-Rahmani (pictured), was voted in as new chairman at the Norwegian independent’s annual general meeting in Oslo, after the Middle East shareholder disclosed its plan to […]

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DNO: New Director Not Taking Up Position

Based on a proposal from RAK Petroleum PCL and after consultation with other shareholders, the Board of DNO International recommended to the General Meeting (AGM) on 17 June 2010 that Dr. Zalmay Khalilzad and Ms. Shelley Watson be elected as new members of the Board of Directors. DNO has received the following statement from Dr. […]

DNO Stock Surges on RAK Petroleum Bid Talk

Iraqi oil producer DNO International ASA (DNO.OL) leapt to a 14-month high on Wednesday, following reports that Emirates-based RAK Petroleum may bid for the 70 percent in the Norwegian company it does not already own. DNO was the first Western company to drill for oil in Iraq following the U.S.-led invasion and although it cannot […]