Oil firm denies takeover bid at Aberdeen-based company

Faroe Petroleum

An oil operator has further boosted its stake in Aberdeen-based Faroe Petroleum.

Oslo firm DNO said in a stock market announcement it now holds a 28.7% share in the UK and Norway-focused oil explorer.

It is after DNO managed to acquire a 27% stake in Faroe over three transactions last week, however, the firm stated it was not making a bid for the firm.

Despite DNO’s claims, John Scrimgeour, executive director of the Energy Institute at the University of Aberdeen, said Faroe should be braced for a takeover. He said: “The fact that they have gained the shares in the firm, and then gained even more, if you’re Faroe you know that they are after you.”