Dubai state-controlled Emirates National Oil’s offer to buy the remaining 48.5 per cent stakes in Dragon Oil was rejected by its shareholders.

Dragon Oil said in a statement that nearly 73 million shares were voted against the 455p-a-share bid that valued the exploration firm at £2.3 billion.

The bid failed to get the required support of at least 75 per cent of the shares voted.

ENOC was not allowed to take part in voting.

Emirates National Oil Company (ENOC), Dubai based giant of the oil world, will be buying the remaining 48% of Dragon Oil as well, the share which was earlier not included in a deal that would cost the UAE based company 2.36 Billion Pounds ($3.88 Billion). The agreement came through recently, after ENOC agreed that Dragon was rapidly expanding overseas and the company itself wanted to do the same.