06-14-2012, 04:20 PM
Wasn't Phil reported in Thailand this week en route to the AGM?
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Andrew Hobbs 14 June 2012 07:35 GMT
Supermajor Shell has extended the closing date of its takeover offer for UK-listed Cove Energy to 27 June 2012, despite the target advising its shareholders to accept a rival bid from Thailand’s PTT Exploration and Production.
The extension of time did not come with an increase Shell’s bid price of £2.20, under the revised PTTEP bid £2.40 which Cove directors changed their position to recommend in May.
The PTTEP bid, which valued the company at $1.9 billion, also last month received approval from the Mozambican government.
Shell offered few clues of its future plans in an announcement to the London Stock Exchange, saying that it had received valid acceptances of shares worth 4.84% of Cove’s total issued capital.
Cove has an 8.5% stake in massive gas finds offshore northern Mozambique. Project leader Anadarko Petroleum plans to build large plants to freeze the gas to liquefied natural gas for export in ships.
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Andrew Hobbs 14 June 2012 07:35 GMT
Supermajor Shell has extended the closing date of its takeover offer for UK-listed Cove Energy to 27 June 2012, despite the target advising its shareholders to accept a rival bid from Thailand’s PTT Exploration and Production.
The extension of time did not come with an increase Shell’s bid price of £2.20, under the revised PTTEP bid £2.40 which Cove directors changed their position to recommend in May.
The PTTEP bid, which valued the company at $1.9 billion, also last month received approval from the Mozambican government.
Shell offered few clues of its future plans in an announcement to the London Stock Exchange, saying that it had received valid acceptances of shares worth 4.84% of Cove’s total issued capital.
Cove has an 8.5% stake in massive gas finds offshore northern Mozambique. Project leader Anadarko Petroleum plans to build large plants to freeze the gas to liquefied natural gas for export in ships.