Plummeting oil price forces Dragon Oil to cancel Petroceltic acquisition

Dubai: Citing plummeting oil prices, Dubai-based Dragon Oil has scrapped a £492m deal to take over rival Petroceltic.

“Dragon Oil now confirms that, in the light of prevailing market conditions, it no longer intends to make an offer for Petroceltic,” the firm said in a statement.

Dragon Oil, listed in London, had made a 230 pence-a-share cash offer for London-listed for Petroceltic in October. 

Dragon Oil is 54% owned by the Dubai government. [02/11/14]

 

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