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

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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