Genel Energy has rejected an unsolicited takeover approach from a rival, becoming the latest London-listed firm to be targeted by a foreign firm. DNO, a Norwegian operator with assets in the Middle East and North Sea, said it had made a 69p-a-share offer for Genel on 28 July, valuing the firm at £202million. It took the proposal public after Kurdistan-focused Genel rejected the offer, which represents a 38 per cent premium to its last closing price, on 4 August. Shares in Genel rose 22 per cent to 61p wiping out its 17 per cent year-to-date losses. Separately, Israeli oil firm Ratio Petroleum raised its proposal to buy London-listed Pharos Energy, which has major operations in Egypt, trumping a rival bid from Serica Energy.