PTTEP offers 1.22bn pound for Cove Energy

 In a statement to the Stock Exchange of Thailand, PTTEP said that its wholly-owned subsidiary PTTEP Africa Investment Ltd (PTTEP AI) will make the cash offer to acquire the entire shares of Cove.
 "The acquisition is to be effected by means of a takeover offer and the directors of Cove will unanimously recommend to Cove Shareholders that they accept the Offer," it said.
  PTTEP AI expects to fund the aggregate consideration payable under the acquisition using a mixture of existing cash resources and a committed debt facility available to the PTTEP Group.
 Standard & Poor's Ratings Service earlier expressed concerns over PTTEP's credit rating, due to the massive investment sum.