Emirates National Oil Company (ENOC), a wholly owned entity of the Dubai government, will buy out Dragon Oil for $3.7 billion. Neither company has confirmed the announcement but several news outlets are reporting an agreement has been reached.

ENOC already owns 54% of Dragon and will acquire the remaining interest for 750 pence per share – a premium of 47% and placing the overall value of the company at $5.8 billion. This is the third reported offer this year and beats previous bids of 735 and 650 pence per share in May and March, respective...


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