Indian giants set to move in on Cove

Wednesday 29 February 2012 01:00 GMT

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The battle for Cove Energy is heating up after two Indian oil giants said they were seeking to trump two earlier offers for the East Africa-focused explorer by preparing an estimated £1.25bn bid.

A bid at that price from the Indian state-owned companies ONGC and Gail would value Cove Energy at 245p a share, eclipsing a 220p offer from Thailand's PTT Exploration and dwarfing Shell's proposal of 195p.

ONGC and Gail's interest was first flagged in the Independent on Saturday.

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Indian giants set to move in on Cove

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