Genel rejects £202 million cash approach from DNO

Energy Oil & Gas Written by: Ian Lyall 07:14 Fri 07 Aug 2026 --> Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business output at the Daily... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Genel Energy PLC ( LSE:GENL OTC:GEGYY ) View Price & Profile Genel rejects £202 million cash approach from DNO Published: 07:14 07 Aug 2026 BST Genel Energy PLC (LSE:GENL, FRA:4VL, OTC:GEGYY) has rejected a £202 million cash approach from DNO, its Norwegian rival in the Kurdistan region of Iraq. DNO has taken the proposal public after being rebuffed, a move that raises pressure on the Genel board to open talks. The Norwegian producer offered 69p in cash for each Genel share. That represents a 38% premium to Genel's closing price on 6 August and a 30% premium to the three-month average. Genel's board rejected the approach on 4 August, although DNO said it remained willing to engage. DNO has also put forward a cash-and-shares alternative of equivalent value. That would be funded from existing share authorities, meaning DNO would not require approval from its own shareholders. Share authorities allow a company to issue new shares up to a limit already approved by its investors. A combination would create a group of significant scale in a region that has produced up to 285,000 barrels of oil a day. DNO argued its offer delivers a substantial premium and certainty of value regardless of the outcome of Genel's own bid for Capricorn Energy. Genel launched that approach in early July, in a move towards diversification. DNO noted that several other parties have signalled possible offers for Capricorn. Should Genel's pursuit fail, the company would be left without that diversification and carrying overheads out of proportion to its size, DNO said. The Norwegian group also pointed to the liquidity its cash offer would give Genel investors, given thin trading in the shares. It highlighted the benefits of greater scale in the Kurdistan Region of Iraq, where security and commercial risks persist. Any formal offer would fall under the UK takeover code, which sets deadlines for bidders to clarify their intentions. DNO has left open the possibility of a further approach. Continue reading