January 11, 2019 / 4:29 PM / 10 days ago

Faroe Petroleum executives to resign after hostile takeover by DNO

FILE PHOTO: The word oil is pictured on an oil bank at a recycling yard in London March 2, 2011. REUTERS/Stefan Wermuth/File Photo

LONDON (Reuters) - Faroe Petroleum’s Chief Executive Graham Stewart, Chief Financial Officer Jonathan Cooper and Chief Operating Officer Helge Hammer will resign, Faroe (FPM.L) said on Friday after the company was taken over in a hostile bid by DNO (DNO.OL).

The executives, including Stewart who was among the founders of Faroe, will step down within three months from Jan. 11, after DNO succeeded in buying a majority stake in the company, Faroe said.

An acrimonious takeover battle ended this week when DNO said it has succeeded in buying more than half of Faroe’s shares. It had offered 160 pence a share for Faroe, valuing it at 641.7 million pounds. DNO said earlier on Friday it owned or had acceptances for 76.5 percent of Faroe.

DNO had repeatedly criticised Faroe’s leadership in such a way as prompting analysts to wonder if it might not undermine its own pursuit of the company.

DNO, whose assets are mainly in Iraqi Kurdistan, will diversify its business with Faroe’s North Sea assets.

A spokesman for DNO had no immediate comment.

(The story corrects the value in third paragraph to 641.7 million pounds)

Reporting by Shadia Nasralla, editing by Louise Heavens

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