PTT says it received valid acceptances from 72% of Cove Energy (CNVGF.PK) shareholders, and extends its purchase offer to July 31. "If we still can't get 90% stake, then we will consider what to do next," PTT says. Royal Dutch Shell, with one eye open as it sits out the auction, says the offer for Cove has lapsed as it hasn't received the required number of acceptances.
Royal Dutch Shell (RDS.A +0.4%) says it will not revise its offer for Cove Energy (CNVGF.PK), effectively conceding the auction of the company to PTT. Shell had been interested in acquiring Cove in order to enter potential liquefied natural gas developments in Mozambique and other exploration positions in the region. (earlier)
Thai energy company PTT extends for the third time its $1.9B offer for Cove Energy, but doesn't sweeten the terms; today is the deadline for PTT and rival suitor Shell (RDS.A) to make their final bids or else begin the first formal takeover auction for a listed British company since 2008. (previously)
Thai energy company PTT extends the deadline for its offer to buy Cove Energy (CNVGF.PK) until July 13 after it received acceptance from just 0.25% of Cove's investors by the previous July 6 deadline. PTT is locked in a battle with Royal Dutch Shell (RDS.A, RDS.B) to take control of the Mozambique-focused explorer.
Royal Dutch Shell (RDS.A) extends the deadline for its £1.12B ($1.74B) offer to acquire Cove Energy. Shell is still trying to persuade Cove shareholders to back its offer instead of PTT's £1.22B ($1.... but so far only 4.8% have done so. Cove and Anadarko recently have announced new discoveries of natural gas deposits in Mozambique, sparking hopes of a higher offer.
Mozambique approves PTT Exploration's $1.9B bid for Cove Energy (CNVGF.PK), removing the risk the government could block the bid in favor of a lower one from rival Shell (RDS.A, RDS.B). The approval paves the way for continued bidding, which most shareholders had expected.
As Royal Dutch Shell (RDS.A +0.8%) buys time to consider its response to PTT's bid for Cove Energy (CNVGF.PK), it must choose whether to make further divestments and/or delay its Australian LNG interests to pursue its Mozambique ambitions. RBC says PTT's offer values Cove's stake in a major gas field off Mozambique's coast at $3.4/boe vs. a normal valuation of $2.5-$3/boe for such assets.
Shell (RDS.A) extends its $1.8B offer to acquire Cove Energy (CNVGF.PK) to June 13, after Thailand's PTT Exploration came in with a higher $1.9B bid yesterday, sending Cove shares +11.2% in London to 249p, above PTT's 240p/share bid. Some expect Shell to pony up as much as $2.5B; Shell plays coy - it's "considering its options and will make a further announcement if appropriate." (previously)
Cove Energy (CNVGF.PK) shares end +11.2% in London to 249p, above the new 240p/share bid from Thailand's PTT and indicating investors think Royal Dutch Shell (RDS.A -2%) may raise the offer. Heard On The Street's Andrew Peaple calculates Shell could yet pay up to $2.5B for Cove; it also has more firepower than PTT, with net debt to equity of 9.9% vs. PTT's 33%.
Thailand's PTT Exploration and Production trumps Shell's (RDS.A) bid for Cove Energy (CNVGF.PK), offering £1.22B ($1.9B) for the Mozambique-focused explorer. Cove's management says it now backs PTT's bid, with the reversal coming just hours ahead of a deadline for investors to accept Shell's $1.8B offer. Shell -1.2% in London.
Anadarko Petroleum (APC) discovers a major natural gas field off the coast of Mozambique, which it says could hold more than 20T cubic feet of gas and underpin plans to develop a world-class LNG export operation in the country. Reuters speculates the move could intensify the battle for Cove Energy (CNVGF.PK), one of APC's partners in the gas find.