Dana Petroleum board members step down after takeover

KNOC has secured nearly 90% of Dana Petroleum's shares

The chairman and three non-executive directors of Aberdeen-based Dana Petroleum are standing down from the board after a hostile takeover.

Dana's management initially rejected the takeover approach from KNOC, but the Korean company then successfully put the offer directly to shareholders.

In the closing stages of the move, KNOC has secured nearly 90% of Dana's shares.

The offer valued Dana at about $2.6bn (£1.7bn).

Colin Goodall, the non-executive chairman of Dana Petroleum, is standing down on 28 October, along with non-executive directors Iain Rawlinson, Philip Dayer and Brian Johnston.