Shell Closes In On $1.9B Cove Buy With Mozambique's Nod

Law360, New York (May 10, 2012, 3:55 PM EDT) -- Mozambique has greenlighted Royal Dutch Shell PLC's £1.2 billion ($1.9 billion) bid for British oil company Cove Energy PLC, moving Shell one step closer to a foothold in gas-rich East Africa, according to an announcement Thursday.

The parties received written confirmation from the Mozambique Minister of Natural Resources that it consents to subsidiary Shell Exploration and Production BV's 220-pence-per-share ($3.56-per-share) cash offer for Cove, the oil company said in a statement issued Thursday.

Once finalized, the takeover, which Shell announced April 24, will give Europe's largest...
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