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Mergers & Acquisitions | 28 February 2012

ONGC, GAIL May Bid For Cove Energy

by Irfan Khan
ONGC, GAIL May Bid For Cove Energy
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ONGC and GAIL are planning to outbid Royal Dutch Shell and Thailand's PTTEP with a $2Bn offer for UK's Cove Energy.

Royal Dutch Shell has offered to buy Cove Energy Plc for $1.6Bn. Shell is offering 195 pence for each Cove share, read this.

Cove put itself up for sale last month after reporting one of the world’s largest gas discoveries in a decade off Mozambique. Standard Chartered Bank and Cenkos Securities Plc are advising Cove on the sale.

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