Offshore staff
DUBAI, UAE – Dragon Oil has dropped a proposed bid for Dublin-based independent Petroceltic in light of recent oil price developments.
The two parties had discussed an offer values at £2.30 ($3.60) per share in cash, subject to shareholder approvals.
Under Ireland’s takeover rules, Dragon can submit a new offer 12 months after pulling out or earlier if invited by Petroceltic to re-start talks.
12/02/2014
