Scotland business

Dana's chief executive Tom Cross resigns

Image caption Tom Cross fought the hostile bid from KNOC saying the offer price was too low

The chief executive of Dana Petroleum, Tom Cross, has said he will resign after the hostile takeover by the South Korean firm KNOC.

Tom Cross opposed the takeover bid by South Korea's state oil company saying the offer was too low.

KNOC took control of the Aberdeen oil explorer last month and several leading board figures have already said they will step down.

Dana is to delist from the London stock exchange later this month.

Mr Cross is to take on the role of executive chairman with the Parkmead Group.

Parkmead is an investment company which specialises in the oil and gas sector.

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