PTTEP offered 72.14% of Cove Energy shares
PTT Exploration and Production Plc is closer to taking over Cove Energy, as the British firm's shareholders have offered to sell 354 million shares to the Thai company.
In its report, Stockmarketwire.com which referred to an announcement by PTTEP's susidiary, PTTEP Africa Investment Ltd (PTTEPAI), said that the number of shares represented a 72.14 per cent of the total.
PTTEPAI offers to buy the shares at 240 pence apiece. At 9:35am (London time), the share price was 238.5 pence. Cove Energy share prices have skyrocketed following the bids by PTTEP AI and Royal Dutch Shell. Shell recently pulled out of the auction.
Meanwhile, PTTEP today announced that it has extended the offer for a stake in Cove Energy to July 31.
In the filing to the Stock Exchange of Thailand, the company said that terms and conditions of the offer remain unchanged.
The earlier deadline was July 25.
PTTEP is seeking the stake to establish its presence in Africa. Its bid is worth US$1.9 billion.
The offer has been extended twice, from July 16 and from July 25.
