02-25-2012, 11:48 PM
"Analysts think the bid for Cove could be the first of many similar deals as larger companies such as Shell and state oil firms swoop on smaller businesses with prized assets."
Anyone know a 'smaller business with prized assets'?
Shell bid for Cove Energy beaten by Thai state rival PTTEP
By Rob Davies
Last updated at 11:09 AM on 25th February 2012
Comments (1)
Share
The trio at the helm of Cove Energy are in line for at least £44million between them, after Thai state energy firm PTTEP blew an offer from Shell out of the water with a £1.1billion bid.
Shares in Cove soared more than 20 per cent to 235p, well above PTTEP’s 220p-per-share offer, already a 96 per cent premium to the oil firm’s value before it advertised itself for sale in early January.
The surge suggests investors think Shell will return with a sweetened proposal in a fierce tug of war for Cove’s potentially lucrative East African gas assets.
Read more: http://www.thisismoney.co.uk/money/marke...z1nQ8cGDcE
The Anglo-Dutch firm professed interest at 195p per share this week, in the hope of grabbing Cove’s 8.5 per cent stake in the gas-rich Rovuma prospect offshore Mozambique.
More...
RUPERT STEINER ON SATURDAY: Corruption on camera
MARKET REPORT: Unilever dented by heavy selling
Shell wants to use the stake as a foothold to invest more heavily in Rovuma, so that it can cash in on plans to build plants to freeze natural gas for export to energy-hungry Asian markets.
Cove founder and chief executive John Craven holds stock and options worth £20.1million based on PTTEP’s offer.
If Craven sells up, he will have made himself a multimillionaire in the space of three years, after taking a shrewd gamble on the geology of the Rovuma prospect.
Chairman Michael Blaha, formerly Shell’s head of operations in Algeria, is in line for a £15.6million payout, while finance director Michael Nolan could pocket £7.9million.
A sale would rack up nearly £44million for the trio, but a protracted bidding war could easily take the combined windfall beyond £50million.
Analysts think the bid for Cove could be the first of many similar deals as larger companies such as Shell and state oil firms swoop on smaller businesses with prized assets.
Africa-focused Ophir Energy has seen its stock rise on speculation of an offer, while Gulf Keystone Petroleum, which is sitting on the Shaikan prospect in Kurdistan, is another subject of bid rumours.
Read more: http://www.thisismoney.co.uk/money/marke...z1nQ8m0PVq
Anyone know a 'smaller business with prized assets'?
Shell bid for Cove Energy beaten by Thai state rival PTTEP
By Rob Davies
Last updated at 11:09 AM on 25th February 2012
Comments (1)
Share
The trio at the helm of Cove Energy are in line for at least £44million between them, after Thai state energy firm PTTEP blew an offer from Shell out of the water with a £1.1billion bid.
Shares in Cove soared more than 20 per cent to 235p, well above PTTEP’s 220p-per-share offer, already a 96 per cent premium to the oil firm’s value before it advertised itself for sale in early January.
The surge suggests investors think Shell will return with a sweetened proposal in a fierce tug of war for Cove’s potentially lucrative East African gas assets.
Read more: http://www.thisismoney.co.uk/money/marke...z1nQ8cGDcE
The Anglo-Dutch firm professed interest at 195p per share this week, in the hope of grabbing Cove’s 8.5 per cent stake in the gas-rich Rovuma prospect offshore Mozambique.
More...
RUPERT STEINER ON SATURDAY: Corruption on camera
MARKET REPORT: Unilever dented by heavy selling
Shell wants to use the stake as a foothold to invest more heavily in Rovuma, so that it can cash in on plans to build plants to freeze natural gas for export to energy-hungry Asian markets.
Cove founder and chief executive John Craven holds stock and options worth £20.1million based on PTTEP’s offer.
If Craven sells up, he will have made himself a multimillionaire in the space of three years, after taking a shrewd gamble on the geology of the Rovuma prospect.
Chairman Michael Blaha, formerly Shell’s head of operations in Algeria, is in line for a £15.6million payout, while finance director Michael Nolan could pocket £7.9million.
A sale would rack up nearly £44million for the trio, but a protracted bidding war could easily take the combined windfall beyond £50million.
Analysts think the bid for Cove could be the first of many similar deals as larger companies such as Shell and state oil firms swoop on smaller businesses with prized assets.
Africa-focused Ophir Energy has seen its stock rise on speculation of an offer, while Gulf Keystone Petroleum, which is sitting on the Shaikan prospect in Kurdistan, is another subject of bid rumours.
Read more: http://www.thisismoney.co.uk/money/marke...z1nQ8m0PVq