Middle East energy firm Dragon Oil said yesterday it would not make a takeover offer for Scottish explorer Bowleven.
Bowleven’s shares fell 24% to 102p after Dragon confirmed it had dropped its interest in the Edinburgh-based company.
Bowleven’s shares had closed 60% higher at 121p when Dragon announced it was mulling a bid earlier this month.
Dragon, which has its headquarters in Dubai, is 52% owned by the Emirates National Oil Company.
Yesterday, Bowleven said it had held no detailed talks with Dragon nor provided due diligence.
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