Emirates National Oil Co (Enoc) has reiterated its commitment to exploration firm Dragon Oil, regardless of whether its acquisition is successful, and pledged not to sell its shares in the firm for at least two years.
The company, which has made a offer of 455 pence per share which values the company at €2.6 billion, said it would not sell, or accept any offer for, the shares it holds in Dragon Oil until at least December 31st, 2011.
Enoc was responding to media speculation that its position towards its shares may have changed.
The deal is being recommended by the board to shareholders. Enoc already owns 52 per cent of Dragon. Its bid is conditional on acceptance from 75 per cent of the minority shareholders.
However, there is some resistance from investors representing around 12 per cent of the total share capital.
The decision will be made at an extraordinary general meeting on December 11th, when shareholders are asked to vote on the proposed takeover.
