January 9, 2019 / 9:01 AM / 2 months ago

Norway's DNO raises Faroe Petroleum stake to more than 50 pct

OSLO, Jan 9 (Reuters) - Norwegian oil company DNO has raised its stake in Faroe Petroleum to more than 50 percent, it said on Wednesday, satisfying a key condition of its hostile bid for the British competitor.

DNO, which has been building up a stake in Faroe since April, said its combined ownership and bid acceptances on Wednesday stood at 52.44 percent, up from 43.8 percent five days ago. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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