Dana Petroleum turns down suitor KNOC

LONDON (AP) -- Dana Petroleum PLC says it will not back a 1.7 billion pounds ($2.7 billion) takeover bid from Korea National Corp. -- or KNOC -- after the state-owned company refused to raise its offer and declined to sign a confidentiality agreement to investigate Dana's books.

Shares in Dana -- which focuses on exploration in the North Sea and Africa -- dropped 10 percent to 1,520 pence on Thursday.

Dana says that KNOC has ignored offers from senior executives at the Aberdeen-based company to travel to Korea to hold face-to-face talks and a meeting of officials in Canada last week about the offer had proved fruitless.

Dana says its invitation to KNOC remains open, but the company intends to "pursue actively all opportunities to maximise shareholder value."