DNO International ASA (OSE:DNO) is surging after announcing a ’heads of agreement’ with UAE-based RAK Petroleum Public Company Limited to merge RAK’s Middle East and North Africa operating subsidiaries into DNO in exchange for share considerations. The shares will be issued with a price in between 8.25 and 10 NOK, valuing the assets of RAK petroleum in question in between 250 to 300 million USD.
DNO intends to list the enlarged company on the London Stock Exchange. RAK Petroleum currently owns 30% of share in DNO and on transaction closing RAK’s share will be around 40%. DNO closed at 6 NOK per share on Friday and is now trading at 6.4 after having shot up to 6.725. Here is the full stock exchange release in pdf.
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