Dana Petroleum has moved higher on talk that Korea National Oil Corporation's advisors have been in the market snapping up shares.
KNOC, which has seen its £1.67bn offer for Dana rejected by its target, is said to have asked Merrill Lynch to buy up to 29.9% in the market. Its hostile bid is worth £18 a share - the company ruled out raising this last week - compared to Dana's current price of £17.92, up 5p. Most observers now believe KNOC is in a strong position to seal the deal, and a successful raid in the market would strengthen its hand even further.
Elsewhere the FTSE 100 continues it strong performance, up 55.33 points to 5595.47. Wall Street is forecast to open around 96 points higher, with a key US confidence survey due out later today.
