Royal Dutch Shell said it had agreed to buy Cove Energy, a London-listed company with key operations in East Africa, for £1.12 billion (1.37 billion euros, $1.81 billion).The cash offer worth 220 pence per Cove share is an improvement on Shell's informal bid worth 195 pence per share made in February. Cove will be taken over by the Anglo-Dutch energy group's Shell Bidco subsidiary.
Thai oil giant PTT said on Wednesday it had struck a deal to buy East Africa-focused Cove Energy for £1.22 billion ($1.92 billion, 1.50 billion euros), trumping a rival offer from Royal Dutch Shell.PTT Exploration & Production PCL (PTTEP) increased its cash offer for Cove to 240 pence a share, from an earlier bid in February of 220 pence, it said in a statement to the London Stock Exchange."PTTEP and Cove are pleased to announce that they have reached agreement on the terms of a recommended cash offer," the group said.
LONDON (Reuters) - Royal Dutch Shell has given itself more time to decide the next move in its battle to buy Cove Energy , extending the acceptance deadline on its $1.8 billion bid as it vies with Thailand's PTT Exploration and Production for an entry into East Africa's big new offshore gas play. Shell said on Thursday it was extending the deadline for Cove shareholders to accept its 220 pence per share cash offer by another two weeks until June 27 after receiving valid acceptances for just 4.8 percent of the shares by the time of the last offer period closing at 0800 EDT on Wednesday. ...
Royal Dutch Shell said it had offered to buy Cove Energy, a London-listed company with key operations in East Africa, for £922.4 million (1.1 billion euros, $1.46 billion).The cash offer worth 195 per Cove share is set to become formal and accepted by the Cove board once energy giant Shell receives necessary approval from authorities in Mozambique, according to a statement, released on Wednesday.
AIM listed oil and gas group Cove Energy (LON:COV) has wrapped up a conditional £110m share placing priced at 76p per new share. Proceeds from the deal will be used to fund the company’s share of anticipated costs connected to its existing assets in Mozambique, Tanzania and Kenya and potential new opportunities.
In particular, Cove said it was anticipating an increase in the pace of exploration and appraisal drilling and seismic activity in the Mozambique Rovuma Offshore Area 1, resulting from the recent Barquentine and Windjammer gas discoveries.
Royal Dutch Shell said Thursday it was mulling its options over Cove Energy, one day after Thai oil giant PTT trumped its takeover bid for the East Africa-focused group.PTT had revealed Wednesday that it had struck a deal to buy Cove Energy for £1.22 billion ($1.92 billion, 1.50 billion euros) after increasing its bid to 240 pence per share, from an earlier bid in February of 220 pence.The announcement was a blow to Shell, which last month that said its Bidco subsidiary had reached an agreement to buy Cove Energy for £1.12 billion, or 220 pence per share.
Royal Dutch Shell Plc has made an agreed 992.4 million pounds bid for Mozambique-focused Cove Energy, offering a full price to open up a new gas frontier for the Anglo-Dutch oil major in East Africa. Shell ...
LONDON (Reuters) - Royal Dutch Shell Plc has made an agreed 992.4 million pounds ($1.6 billion) bid for Mozambique-focused Cove Energy, offering a full price to open up a new gas frontier for the Anglo-Dutch oil major in East Africa.