Shell trumped by PTTEP in bid for Cove

Thai oil firm PT Exploration and Production Public (PTTEP) has trumped Royal Dutch Shell's bid for AIM-listed Cove Energy, with PTTEP and Cove now agreeing on the terms of a recommended cash offer of 240p per share.

Thai oil firm PT Exploration and Production Public (PTTEP) has trumped Royal Dutch Shell's bid for AIM-listed Cove Energy, with PTTEP and Cove now agreeing on the terms of a recommended cash offer of 240p per share.

The new offer, which values Cove at £1,221.4m, represents a 9.1% premium to the 220p-a-share offer from Shell which Cove had previously recommended.

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