Genel Energy rejects DNO's £202 million offer for Taawki stake

KIRKUK, Iraq — LONDON — Norwegian oil company DNO made an offer on July 28 to buy Genel Energy's stake in the Taawki field in the Kurdistan Region for £202 million, according to a DNO statement reported by Reuters. The proposal offered 69 pence per share in cash, a premium of more than 38% over Genel Energy's previous closing price. Genel Energy, which is listed in London, rejected the bid. Reuters reported that the company declined to comment further on the matter. Genel Energy holds a 25% stake in the production-sharing contract for the Taawki field, which is operated by DNO. Oil companies operating in the Kurdistan Region have faced repeated disruptions over the years, including multiple suspensions of production and exports amid ongoing geopolitical tensions. Following news of the offer, Genel Energy's London-listed shares rose nearly 14% to 57 pence, recovering much of the roughly 17% loss accumulated since the start of the year.