Shareholders reject Dragon bid

Shareholders in Dragon Oil have rejected the bid from the Emirates National Oil Corporation. Nearly 73m shares were voted against the resolution that would have allowed the scheme of arrangement to go ahead, while 69.9m were voted in favour. The vote required the backing of 75% of the shares voted to go ahead. Emirates National Oil Corporation was not allowed to vote. It will continue to own a 51.5% of Dragon. The 455p a share bid valued Dragon at £2.4bn.Shares in Dragon fell 13.25p to 379.75p a share, which values the oil and gas producer at £1.96bn.