Bloomberg News

Shell Offers to Buy Cove Energy for $1.6 Billion in Cash

February 22, 2012

Feb. 22 (Bloomberg) -- Royal Dutch Shell Plc, Europe’s biggest oil company, offered to buy Cove Energy Plc for 992.4 million pounds ($1.6 billion) in cash.

Cove, the U.K. explorer that put itself up for sale last month, reported one of the biggest discoveries of natural gas off Mozambique that may support production of LNG to supply Asian markets.

Shell’s offer of 195 pence a share represents a premium of 28.5 percent to Cove’s average closing price in the past five days. Link to Statement:{NSN LZS8SJ3TCF0H <GO>}

To contact the editor responsible for this story: Stephen Cunningham at scunningha10@bloomberg.net


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