Genel rejects £202m takeover approach from Norway's DNO

7th Aug 2026 08:01

(Sharecast News) - DNO said on Friday that Kurdistan-focused Genel Energy had rejected a £202m takeover proposal from the Norwegian oil and gas operator.

DNO made a cash offer of 69p per share, which is a premium of around 38% to the closing share price on Thursday and 30% to the volume-weighted average closing share price over the three-month period.

The offer was made on 28 July and rejected on 4 August, but DNO said it remains willing to engage with the board about the proposal.

The Norwegian company said the offer "delivers a substantial premium to Genel's undisturbed share price, reflecting, in DNO's view, full value for Genel's assets notwithstanding the continuing uncertainty over its sole revenue-generating asset".

It also said the offer provides certainty of value irrespective of the outcome of Genel's offer for Capricorn Energy, which, if unsuccessful, would leave Genel "without the diversification it has long sought and with a significant G&A burden that is disproportionate to its current scale".

DNO pointed out that a number of third parties have announced possible offers for Capricorn and said there can be no certainty that Genel's offer will be successful.

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