Shell One-Ups Thai Rival With $1.9B Cove Buy

Law360, New York (April 24, 2012, 1:32 PM EDT) -- Royal Dutch Shell PLC will buy British oil company Cove Energy PLC for £1.2 billion ($1.93 billion), the company said Tuesday, one-upping a competing bid from a Thai driller and gaining a stake in new gas discoveries off the coast of Africa.

Shell increased its bid for London-based Cove to 220 pence a share from 195 pence and won unanimous support from Cove's board. The offer edges out a £1.1 billion bid from PTT Exploration and Production Public Co. Ltd. and is more than double the...
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