Thailand’s PTTEP has trumped Shell by launching an improved £1.22 billion ($1.93 billion) cash bid to acquire Mozambique-focused explorer Cove Energy.
The new bid of 240 pence per share represents a 9.1% premium over Shell’s 220p offer. Cove’s board has withdrawn its recommendation for the supermajor’s approach although, crucially, it has been approved by the Mozambique government.
The board now supports the Thai offer.
