Shell's offer for Cove lapses

Anglo-Dutch energy producer Royal Dutch Shell has formally thrown in the towel in its quest to buy Africa-focused oil and gas firm Cove Energy, leaving the way clear for rival bidder PTT Exploration and Production (PTTEP).

Anglo-Dutch energy producer Royal Dutch Shell has formally thrown in the towel in its quest to buy Africa-focused oil and gas firm Cove Energy, leaving the way clear for rival bidder PTT Exploration and Production (PTTEP).

Shell decided on July 16th not to increase its offer for Cove Energy, ducking out of a bidding war with Thailand's PTTEP. After receiving acceptances of its offer from shareholders representing just 1.25% of the existing share capital of Cove it has allowed its offer to lapse.

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