Shell says 'considering options' after PTT bid for Cove

AFP News

Royal Dutch Shell said Thursday it was mulling its options over Cove Energy, one day after Thai oil giant PTT trumped its takeover bid for the East Africa-focused group.

PTT had revealed Wednesday that it had struck a deal to buy Cove Energy for £1.22 billion ($1.92 billion, 1.50 billion euros) after increasing its bid to 240 pence per share, from an earlier bid in February of 220 pence.

The announcement was a blow to Shell, which last month that said its Bidco subsidiary had reached an agreement to buy Cove Energy for £1.12 billion, or 220 pence per share.

"Shell Bidco notes the recent announcement made by PTT Exploration and Production Public Company Limited of its offer for Cove," it said in a statement.

"Shell is currently considering its options and will make a further announcement if appropriate."

Shell also extended its offer deadline until June 13, after receiving valid acceptances representing just 4.83 percent of the existing share capital of Cove.