Bidder rules out Dragon Oil dividend pay-out

Dragon Oil’s prospective new owner has scuppered any prospect for future dividend payments, effectively upping the ante in the war of words over the ownership of the company.

The Emirates National Oil Company already owns 54% of Dubai-based/ Irish-listed Dragon and is offering 750p (1,073c) per share to buy out the remaining 46%.

The value of the €5.1bn deal has already been opposed by Dragon’s leading minority shareholders, Scottish investment firm Baillie Gifford and Dublin-based Setanta Asset Management on the grounds of it apparently undervaluing Dragon.