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Investment bank Merrill Lynch has advised its customers to buy shares in the exploration and production company Dragon Oil, saying that the company remains an attractive takeover target.
UK newspaper The Financial Times (The FT) said that Merril Lynch believes that ENOC could launch another takeover did for the UK listed company or it may even be tempted to cash in and sell its 52% stake.
“Thanks to the strategic importance of its assets, Dragon is a natural target for national, international and Russian oil companies,” Merrill is reported by The FT as saying.
The company is currently trading at around GBP4.30 a share (US$6.91) but Merril stated that bidding could get as high as GBP9.00 ($14.48).
