PTTEP seals Cove purchase

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Eoin O'Cinneide

 17 August 2012 07:56 GMT

Thailand's PTTEP has finally wrapped up the purchase of Cove Energy after fending off competition from supermajor Shell.

Cove will soon be taken off London's Alternative Investment Market to become a private company following the £1.22 billion ($1.9 billion) takeover.

PTTEP had received acceptance of its offer from over 90% of Cove shareholders and will now press ahead with the compulsory purchase of the remaining 5.68%.

The Thai exploration and production wing of PTT was locked in a bidding war for Cove with Anglo-Dutch giant Shell as both eyes the company's share in high-impact gas plays off Mozambique.

Shell eventually decided not to up its own offer of £1.12 billion, thus scuppering…

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