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terça-feira, 17 de julho de 2012

Shell pulls out of bidding war for Cove Energy

By Dorothy Davis

Dutch oil major Shell has dropped out of the nearly half-year bidding battle against Thai rival PTT Exploration & Production for the coveted acquisition of Cove Energy.Shell Bidco, a wholly-owned subsidiary of Royal Dutch Shell (NYSE: RDS.A) (NYSE: RDS.B) has announced it would not be participating in a final auction for control of oil and gas exploration company Cove Energy. The surprise move follows a nearly half-year battle against rival bidder PTT Exploration & Production that effectively positions the Thai-based upstart as winner of the coveted acquisition.

The tug of war for Cove has been primarily fueled by the company's position in East Africa, one of the world's most promising new gas resource areas. At the center Cove’s properties is its 8.5% stake in a Mozambique license that could serve as a regional foothold for the export of liquefied natural gas into the Asia market.
Dutch oil major Shell entered its initial bid in February at 220 pence per share, followed by an unexpected and aggressive counter offer of 240 pence per share by PTT in May. Since then the two companies have been locked in a fruitless and tense bidding stalemate.
On Friday, British acquisitions regulator the Takeover Panel announced it would mandate a formal auction process if current offers were not declared final by 1600 GMT Monday. Shell’s announcement to abstain from the auction followed Monday morning.
“Shell Bidco has today decided not to revise its offer of 220 pence in cash for each share of Cove, and not take part in the auction procedure for Cove," Shell said in a statement.
Cove’s shares suffered a 13 percent drop following Shell’s announcement to sit at 238.5 pence, just below PTT’s offer of 240 pence per share or $1.9 billion.
Analysts have said Shell could find other points of entry into the prized East Africa region through deals with Anadarko or ENI, which both have stakes in Mozambique.

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