PTT bid outstrips Shell offer for Cove
Thursday 24 May 2012
Shares in the Mozambique explorer Cove Energy shot up 12 per cent yesterday as Thailand's PTT Exploration and Production made a £1.2bn offer, trumping a bid from Shell.
Only hours before an investor deadline to accept Shell's bid, Cove management, having previously supported the Anglo-Dutch explorer's 220p-per-share offer, threw its weight instead behind PTT.
Cove's chief executive, John Craven, said: "The [240p-per-share] bid from PTTEP represents significant value for shareholders and confirms the world-class nature of Cove's East African assets."
The shares, which were already above Shell's offer, rose 26p to 250p as investors anticipated more bids.
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