Cove Energy Plc (CNVGF.PK) Stock

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2:40 PM Cove Energy (CNVGF.PK) shares end +11.2% in London to 249p, above the new 240p/share bid from Thailand's PTT and indicating investors think Royal Dutch Shell (RDS.A -2%) may raise the offer. Heard On The Street's Andrew Peaple calculates Shell could yet pay up to $2.5B for Cove; it also has more firepower than PTT, with net debt to equity of 9.9% vs. PTT's 33%.
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[Energy, M&A, Global & FX, On the Move]
3:29 AM Thailand's PTT Exploration and Production trumps Shell's (RDS.A) bid for Cove Energy (CNVGF.PK), offering £1.22B ($1.9B) for the Mozambique-focused explorer. Cove's management says it now backs PTT's bid, with the reversal coming just hours ahead of a deadline for investors to accept Shell's $1.8B offer. Shell -1.2% in London.
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[M&A, Energy, Top Stories]
Monday 12:29 PM With just days remaining before a deal deadline, Cove Energy (CNVGF.PK) says it continues to believe the $1.8B offer from Royal Dutch Shell (RDS.A, RDS.B) is in the best interests of shareholders. Cove's earlier announcement that it found even more gas on its license in Mozambique has not sparked a bid battle for the company.
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[Energy, M&A]