(ADPnews) - Nov 3, 2009 - Emirates National Oil Co (ENOC) has agreed to acquire a 48.5% stake in Dragon Oil (ISE:DGO, LON:DGO) for GBP 1.15 billion (USD 1.89bn/EUR 1.28bn), thus taking full control of the oil and gas firm.

The deal values Dragon Oil at GBP 2.36 billion.

Dubai government-owned ENOC, which bought a 51.5% interest in Dragon Oil in 1998, has offered GBP 4.55 a share to minority shareholders, or a premium of 34.6% to Dragon's closing price on June 3, the day before it received an approach from its majority owner.