{"id":453,"date":"2012-02-22T10:56:09","date_gmt":"2012-02-22T10:56:09","guid":{"rendered":"http:\/\/www.the-finance-zone.co.uk\/?p=453"},"modified":"2012-02-22T10:56:09","modified_gmt":"2012-02-22T10:56:09","slug":"shell-makes-992m-bid-for-cove-energy","status":"publish","type":"post","link":"https:\/\/the-finance-zone.co.uk\/index.php\/2012\/02\/22\/shell-makes-992m-bid-for-cove-energy\/","title":{"rendered":"Shell makes \u00a3992m bid for Cove Energy"},"content":{"rendered":"<h2>Royal Dutch Shell has made a \u00a3992.4m takeover bid for Mozambique-focused Cove Energy, to expand its business in East Africa where it sees &#8220;significant potential&#8221; for gas production.<\/h2>\n<div>\n<p>Shell has offered 195p per share in cash, which Cove&#8217;s management said this morning they would recommend to shareholders.<\/p>\n<\/div>\n<div>\n<p>&#8220;Shell already has interests in Tanzania, and the acquisition of Cove would mark Shell&#8217;s entry into exciting new hydrocarbon provinces in Kenya and Mozambique, with significant potential for new LNG from recent gas discoveries offshore Mozambique, and further complementary exploration positions in East Africa,&#8221; the company said today.<\/p>\n<\/div>\n<div>\n<p>Yesterday, Cove&#8217;s shares closed at 154.5p, with analysts at Citigroup saying that &#8220;valuation looks stretched&#8221; in a research note.<\/p>\n<\/div>\n<div>\n<p>Shell&#8217;s offer is more than a 70pc premium to Cove&#8217;s closing share price on January 4, when Cove announced it was putting itself up for sale.<\/p>\n<\/div>\n<div>\n<p>In December, Cove had opened up a data room to certain parties who had expressed an interest in buying its 8.5pc stake in a liquefied natural gas (LNG) project in Mozambique.<\/p>\n<p>Shell also announced this morning that Malcolm Brinded will step down as executive director of its upsteam international business, and appointed Andrew Brown as upstream international director.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Royal Dutch Shell has made a \u00a3992.4m takeover bid for Mozambique-focused Cove Energy, to expand its business in East Africa<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[13],"tags":[],"class_list":["post-453","post","type-post","status-publish","format-standard","hentry","category-energy"],"_links":{"self":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=453"}],"version-history":[{"count":0,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/453\/revisions"}],"wp:attachment":[{"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/the-finance-zone.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}