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Thailand : Thailand\'s oil giant PTT beats Shell bid for Cove Energy
Publish Date : 24-May-2012
Thai oil giant PTT said on Wednesday it had struck a deal to buy East Africa-focused Cove Energy for 1.22 billion pounds (S$2.4 billion), trumping a rival offer from Royal Dutch Shell.
PTT Exploration & Production (PTTEP) increased its cash offer for Cove to 240 pence a share, from an earlier bid in February of 220 pence, it said in a statement to the London Stock Exchange.
The deal is a blow to Royal Dutch Shell, which last month said it had reached an agreement to buy Cove Energy for 1.12 billion pounds, or 220 pence per share.
PTT said the directors of Cove would unanimously recommend that shareholders of the London-listed company accept its bid and said they had withdrawn their previous recommendation for the Shell offer.
