Shell (RDS.A) offers to buy African explorer Cove Energy (CNVGF.PK) for £994.4M ($1.6B) to...

|About: Cove Energy PLC (CNVGF)|By:, SA News Editor

Shell (RDS.A) offers to buy African explorer Cove Energy (CNVGF.PK) for £994.4M ($1.6B) to expand its footprint in Mozambique and Kenya. The 195 pence/share offer is a 26% premium to Cove's closing price in London yesterday. Cove's board expects to recommend the acquisition. Cove +25.1% in London trading.