The five-month battle between global oil companies, Shell and PTT Public Company Limited, over the sale of Africa-focussed Cove Energy looks set to end
Cove recently made a major gas discovery offshore Mozambique in the Rovuma Basin, which has made it a valuable purchase.
The latest offer from PTT for the ownership of Cove stands at US$3.70 per share, placing the London-based exploration company at a value of almost $1.9 billion, and topping Shell’s most recent bid of $3.40.
Both companies have repeatedly extended their offer deadlines in an attempt to out-bid the other.
The acquisitions regulator, however, said today that if this head-to-head situation remains by July 16, 2012, then an auction process would be resorted to in order to make a final decision.
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