Dragon Oil's sell-off plan to Enoc meets resistance

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Last week Emirates National Oil Company said it would pay £1.1 billion to mop up the 48% of Dragon shares it doesn't already own.

City analysts immediately said the deal undervalues the group, which is focussed on operations in Turkmenistan.

Today Baillie Gifford, which has 4.2% of the shares, said the 455p-a-share offer "materially understates the fundamental and strategic value".

The shares slipped 9¾p to 437½p, suggesting the City expects that Enoc is unlikely to make a better offer. Baillie Gifford needs other minority investors to block the deal.