Cove Energy Plc (CNVGF.PK) Stock

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Thursday 10:25 AM 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.
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[Energy, Global & FX]
Thursday 3:27 AM 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)
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[M&A, Commodities, Top Stories]
Wednesday 2:40 PM 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%.
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[Energy, M&A, Global & FX, On the Move]
Wednesday 3:29 AM 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.
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[M&A, Energy, Top Stories]