PTT Shareholders OK $3B Share Sale To Cover $2B Cove Buy

Law360, New York (October 29, 2012, 1:28 PM EDT) -- Shareholders in Thailand’s PTT Exploration & Production PCL on Monday approved plans for a 650-million-share sale worth about $3.1 billion that will help the company cover its $1.9 billion purchase of Cove Energy PLC.

PTT bested its outsize rival Royal Dutch Shell PLC in July after the companies spent several months locked in a bid war over Cove, an East Africa-focused company coveted after major gas discoveries rocketed the region to the forefront of the energy industry.

With investor approval for its share offering, PTT cleared...
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