Shell refuses to budge on Cove offer

It looks like Royal Dutch Shell does not want to get into a bidding war with PTT Exploration and Production (PTTEP) as the Anglo-Dutch oil titan has said it will not up its offer price for Cove Energy, leaving the Thai group as the firm favourite to take over the AIM-listed oil and gas producer.

It looks like Royal Dutch Shell does not want to get into a bidding war with PTT Exploration and Production (PTTEP) as the Anglo-Dutch oil titan has said it will not up its offer price for Cove Energy, leaving the Thai group as the firm favourite to take over the AIM-listed oil and gas producer.

PTTEP, which has offered 240p a share for Cove valuing the group at £1.22bn, announced on Monday morning that it is extending its offer deadline from July 13th to July 25th.

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