Shell offers $1.56 billion for Cove

Shell has made a play for a role in Mozambique’s LNG plans with a takeover offer for UK-listed explorer Cove Energy.

The Anglo-Dutch supermajor said its offer of 195 British pence per share values Cove at more than £992 million ($1.56 billion).

That marks a 28.5% premium over Cove’s average share price over the last five business days and a 73.3% premium over the share price before the explorer announced it was up for sale.

Cove’s