Capricorn Energy supports takeover by Genel Energy, trumping DNO's bid

Capricorn Energy PLC on Friday withdrew its support for its takeover by DNO Bidco AS, as it instead recommended a higher offer by Genel Energy PLC.

Capricorn is an Edinburgh-based oil and gas company with operations in Egypt. Genel is a smaller peer with production assets in the Kurdistan region of Iraq and exploration assets in Oman and Somaliland.

Genel on Friday offered USD4.75 in cash plus a special dividend of 99 US cents, valuing Capricorn Energy at USD5.74 per share in total, or USD436 million.

Capricorn Energy shares jumped 12% to 442.00 pence each on Friday morning in London, around USD5.85, for a market capitalisation of £315.7 million. Genel Energy shares were 1.4% lower at 62.10p each, giving it a market cap of £173.5 million.

Capricorn late last week had announced its support for a rival takeover offer from Oslo-based DNO at a value of around USD5.21 per share, or USD396 million. On Friday it announced the immediate withdrawal of its support, following Genel's higher offer.

Genel has irrevocable undertakings for around 39% of Capricorn's shares. The only outstanding regulatory approval is from Egypt, which Capricorn expects to be satisfied in accordance with the expected timetable.

The takeover is expected to complete in the fourth quarter.

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