PTTEP starts bidding war for Cove Energy

Thailand’s leading oil company goes head-to-head with Shell for control of African oil assets, but recent resource deals in Mozambique should give investors pause for thought.

PTTEP starts bidding war for Cove Energy
Mozambique: trouble in paradise?

PTTEP has made an audacious bid to secure a foothold in the fast-growing African market by making a 220p a share offer for London-listed Cove Energy.

The bid tops a rival offer from Shell by 13% and values Cove Energy at 1.1 billion $1.7 billion. However, analysts reckon it is still not a knock-out bid, particularly if cash-rich Shell has its heart set on buying Cove.

Even so, PTTEP and its...

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