PTTEP Trumps Shell’s Bid for Cove Energy

For those investors disappointed that the last bid submitted by Shell for Cove Energy was not immediately countered by Thailand’s PTTEP there is good news, the Shell bid has been trumped by the Thai firm.

It has been reported that PTTEP upped the ante to $1.9 billion. The offer came just hours before the deadline for Cove shareholders to accept Shell’s bid.

Prior to the PTTEP offer Cove’s board had unanimously recommended Shell’s offer, now they are backing PTTEP. This could be a ploy to get Shell to up its ante.

The Shell bid had the backing of the Mozambican government, where Cove’s main asset is located. The major would also be welcomed by Cove’s partners on the block for its surface and subsurface expertise.