Faroe Petroleum, the North Sea oil producer, has urged its shareholders to reject an offer from DNO, dismissing it as “opportunistic, unsolicited and inadequate”.

Norway’s DNO, which is pursuing a hostile takeover, has offered Faroe shareholders 152p a share, valuing the company at £610m on a fully diluted basis. Faroe’s shares dipped 0.7 per cent.

In retail, an Office for National Statistics report on the sector presented a cautious picture. In the three months to November, which includes the Black Friday sales, the quantity bought in UK retail sales showed a rise of only 0.4 per cent on the previous three months.

“It’s hard to recall a Christmas environment that has been as competitive as the current market, and a number of established consumer brands are struggling to cope,” said Ian Geddes, head of retail at Deloitte.

Next, Sports Direct and JD Sports all ended the day lower.

Get alerts on UK equities when a new story is published

Copyright The Financial Times Limited 2019. All rights reserved.
Reuse this content (opens in new window)

Follow the topics in this article