KNOC stands firm on £1.87bn bid for Dana Petroleum

KNOC said its offer for Dana Petroleum was "full and final"

The Korea National Oil Corp (KNOC) has ruled out an increased offer for the oil firm Dana Petroleum.

Aberdeen-based Dana has rejected the £18-a-share offer, saying the company was now worth at least 18% more.

On Wednesday, Dana unveiled details of a £240m acquisition which it said would make it a stronger business.

KNOC said it had not altered its view of Dana's value and said its offer was "full and final" and would not be increased.

KNOC made its offer direct to Aberdeen-based Dana's shareholders last month after it failed to convince the company's management to recommend the bid - something that makes the offer "hostile" in takeover parlance.

Dana's chief executive, Tom Cross, said KNOC had rebuffed attempts to reach a mutually agreeable solution.