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Thai PTT set to win Cove after Shell drops bid

Reuters -- Royal Dutch/Shell (RDSa.L) abandoned its bid for Cove Energy Plc (COVE.L) on Monday, leaving smaller Thai rival PTT PTTE.BK to complete a $1.9 billion takeover after a five-month battle.

Both companies coveted Cove for its east African gas prospects and Shell's exit from the bid fueled talk it has found a new way to tap that market.

Cove owns an 8.5 percent stake in a Mozambique license in the Rovuma offshore basin containing gas discoveries that could be a major provider of liquefied natural gas (LNG) to Asia.

The move will have cost hedge funds dear. An auction process had been due to start this week, and Cove stock had been bid well above PTT's offer price of 240 pence a share in anticipation that Shell would raise its 220 pence offer.

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Submitted Jul 17, 2012 By: Mudsprings

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Wanda127 Champion Author Florida Posts:2,499 Points:916,755 Joined:May 2010	Message Posted: Jul 17, 2012 11:04:15 PM Ignore Wanda127 Report Abuse I don't really understand why they pulled out.
ExplorerWA Champion Author Washington Posts:4,093 Points:799,200 Joined:Feb 2011	Message Posted: Jul 17, 2012 10:47:00 PM Ignore ExplorerWA Report Abuse So why did they pull out?
sljbc475 Champion Author Tucson Posts:4,230 Points:874,325 Joined:Dec 2010	Message Posted: Jul 17, 2012 8:45:41 AM Ignore sljbc475 Report Abuse Not beneficial to us here in the US.
ReddevilNO Champion Author New Orleans Posts:3,381 Points:582,890 Joined:Aug 2011	Message Posted: Jul 17, 2012 6:48:27 AM Ignore ReddevilNO Report Abuse Okay.
skippypa Champion Author Hawaii Posts:8,486 Points:1,742,880 Joined:Jun 2008	Message Posted: Jul 17, 2012 6:15:48 AM Ignore skippypa Report Abuse Ok
farmboyTN Champion Author Tennessee Posts:2,272 Points:451,260 Joined:Feb 2012	Message Posted: Jul 17, 2012 5:28:26 AM Ignore farmboyTN Report Abuse ok
humblepie Champion Author Toledo Posts:34,304 Points:2,373,320 Joined:Mar 2006	Message Posted: Jul 17, 2012 5:12:40 AM Ignore humblepie Report Abuse big money knows something i think
molebaby96 Champion Author Tallahassee Posts:2,126 Points:507,490 Joined:Nov 2011	Message Posted: Jul 17, 2012 5:08:27 AM Ignore molebaby96 Report Abuse Time will tell.
bisonjim Champion Author Florida Posts:1,070 Points:209,155 Joined:May 2012	Message Posted: Jul 17, 2012 5:03:25 AM Ignore bisonjim Report Abuse OK
wrunner Champion Author Virginia Posts:4,455 Points:1,138,535 Joined:Dec 2009	Message Posted: Jul 17, 2012 4:50:56 AM Ignore wrunner Report Abuse Shell got to do, what Shell got to do. [Edited by: wrunner at 7/17/2012 4:51:57 AM EST]
1fulltank Champion Author Buffalo Posts:7,918 Points:1,547,235 Joined:Nov 2008	Message Posted: Jul 17, 2012 2:34:06 AM Ignore 1fulltank Report Abuse Shell knows what they are doing.
furiousfowl Champion Author Riverside Posts:16,870 Points:2,752,105 Joined:May 2005	Message Posted: Jul 17, 2012 2:31:02 AM Ignore furiousfowl Report Abuse And the impact on gas prices will be ....?
kd5kpd Champion Author Texas Posts:3,752 Points:1,419,650 Joined:Apr 2006	Message Posted: Jul 17, 2012 2:30:22 AM Ignore kd5kpd Report Abuse DILLIGAF ?
Prodaddy Champion Author Houston Posts:8,390 Points:1,897,135 Joined:May 2007	Message Posted: Jul 17, 2012 2:28:54 AM Ignore Prodaddy Report Abuse You win some, you lose some, and some get rained out
blk911 Champion Author Colorado Springs Posts:2,923 Points:771,115 Joined:Nov 2004	Message Posted: Jul 17, 2012 2:25:46 AM Ignore blk911 Report Abuse Does it matter?
nztyraider Champion Author Nevada Posts:2,273 Points:695,575 Joined:Apr 2009	Message Posted: Jul 17, 2012 2:22:15 AM Ignore nztyraider Report Abuse good for them.
hybridaholic Champion Author Appleton Posts:8,380 Points:1,558,740 Joined:Dec 2008	Message Posted: Jul 17, 2012 2:18:05 AM Ignore hybridaholic Report Abuse Interesting.
Matt G Champion Author Boston Posts:4,543 Points:2,774,990 Joined:Jun 2004	Message Posted: Jul 17, 2012 2:17:37 AM Ignore Matt G Report Abuse Ok
AuburnTim Champion Author Indiana Posts:6,828 Points:1,559,190 Joined:May 2005	Message Posted: Jul 17, 2012 2:16:36 AM Ignore AuburnTim Report Abuse IDK
FedupwithGreed All-Star Author Victoria Posts:707 Points:163,930 Joined:Oct 2008	Message Posted: Jul 17, 2012 2:13:07 AM Ignore FedupwithGreed Report Abuse OK
stueyAZ Sophomore Author Phoenix Posts:214 Points:23,870 Joined:Nov 2011	Message Posted: Jul 17, 2012 2:13:06 AM Ignore stueyAZ Report Abuse OK
yonasb Champion Author Houston Posts:3,463 Points:739,875 Joined:Apr 2011	Message Posted: Jul 17, 2012 2:11:15 AM Ignore yonasb Report Abuse Ok
Teddy95 Champion Author Dayton Posts:41,160 Points:2,699,050 Joined:Oct 2005	Message Posted: Jul 17, 2012 2:07:44 AM Ignore Teddy95 Report Abuse Hmmm...
Thomtec Champion Author Nashville Posts:2,484 Points:611,070 Joined:May 2011	Message Posted: Jul 17, 2012 2:07:38 AM Ignore Thomtec Report Abuse ok
chicoCA Champion Author California Posts:1,990 Points:1,776,480 Joined:Nov 2007	Message Posted: Jul 17, 2012 2:01:20 AM Ignore chicoCA Report Abuse okay
kcboy Champion Author Utah Posts:3,983 Points:1,510,725 Joined:Jun 2005	Message Posted: Jul 17, 2012 1:58:33 AM Ignore kcboy Report Abuse ok
Kawibiker Champion Author Illinois Posts:1,175 Points:205,575 Joined:May 2012	Message Posted: Jul 17, 2012 1:55:23 AM Ignore Kawibiker Report Abuse ok
PetroScopper Champion Author Houston Posts:6,634 Points:1,552,840 Joined:Aug 2008	Message Posted: Jul 17, 2012 1:53:53 AM Ignore PetroScopper Report Abuse Shell is not worried about that project, they have far too much going on that is extremely profitable right now.
UseLessGasFolks Champion Author Iowa Posts:5,456 Points:1,297,800 Joined:Jul 2007	Message Posted: Jul 17, 2012 1:52:09 AM Ignore UseLessGasFolks Report Abuse How long before pirates take over these rigs?
ItisAJeepThing Champion Author Tucson Posts:19,765 Points:2,153,530 Joined:Oct 2006	Message Posted: Jul 17, 2012 1:49:23 AM Ignore ItisAJeepThing Report Abuse We should be doing everything possible to promote the use of abundant, cheap and clean American natural gas as our primary alternative to oil based fuels. North America could become energy independent and not have to worry about our enemies in Iran, Venezuela and the rest of OPEC. "Motorists would save the equivalent of $1.50 to $2 per gallon on fuel, cars would pollute less and America would produce its own energy..." TRUE!!!
unclenorman Champion Author Tampa Posts:1,358 Points:142,200 Joined:Jan 2012	Message Posted: Jul 17, 2012 1:48:55 AM Ignore unclenorman Report Abuse Go Thailand!!!!!
RogerB Champion Author Indianapolis Posts:18,071 Points:2,626,060 Joined:Dec 2005	Message Posted: Jul 17, 2012 1:48:43 AM Ignore RogerB Report Abuse Energy will always be big $$$$.
LanguageMan1 Champion Author Tampa Posts:11,733 Points:1,663,740 Joined:Apr 2008	Message Posted: Jul 17, 2012 1:43:47 AM Ignore LanguageMan1 Report Abuse It might prove to be better that the Thai's will own it instead of Shell.
gaspumpin Champion Author Indiana Posts:1,677 Points:390,370 Joined:Apr 2012	Message Posted: Jul 17, 2012 1:40:47 AM Ignore gaspumpin Report Abuse Did Shell find a way?
pepinoNC Champion Author Raleigh Posts:2,164 Points:660,740 Joined:May 2011	Message Posted: Jul 17, 2012 1:32:37 AM Ignore pepinoNC Report Abuse Poor shell
Ken2OD Champion Author Grand Rapids Posts:9,082 Points:1,973,890 Joined:Dec 2005	Message Posted: Jul 17, 2012 1:30:24 AM Ignore Ken2OD Report Abuse Shell's string of bad luck is continuing. Their new gas drilling rig in Alaska ran aground in Dutch Harbor while en-route to the Arctic Ocean north of the North Slope. The "Noble Discoverer", a 571-foot drill ship, was towed away from land after drifting Saturday near Dutch Harbor because of an improperly placed anchor. Live pictures of the rig can be seen on the FAA AKWeatherCam site in Alaska. Go to the Dutch Haystack North Loop. Read more here: http://www.adn.com/2012/07/14/2542598/shell-drill-ship-drifts-near-shore.html#storylink=cpy [Edited by: Ken2OD at 7/17/2012 1:33:43 AM EST]
langolera Champion Author Akron Posts:1,776 Points:668,905 Joined:Sep 2005	Message Posted: Jul 17, 2012 1:26:47 AM Ignore langolera Report Abuse ok
bearzz Champion Author California Posts:1,442 Points:421,620 Joined:Mar 2011	Message Posted: Jul 17, 2012 1:26:38 AM Ignore bearzz Report Abuse Make money . . . lose money. . . that's what happens in investing.
captain013 Champion Author Maryland Posts:2,024 Points:460,605 Joined:Sep 2011	Message Posted: Jul 17, 2012 1:26:34 AM Ignore captain013 Report Abuse Oh well
johnd900 Veteran Author Massachusetts Posts:475 Points:192,305 Joined:Jan 2012	Message Posted: Jul 17, 2012 1:25:34 AM Ignore johnd900 Report Abuse interesting
9C1 Champion Author Chicago Posts:22,869 Points:4,248,535 Joined:Jul 2001	Message Posted: Jul 17, 2012 1:24:19 AM Ignore 9C1 Report Abuse More fuel for the speculators.
RENEGADEGAS Champion Author Missouri Posts:14,929 Points:1,594,150 Joined:Jul 2008	Message Posted: Jul 17, 2012 1:21:48 AM Ignore RENEGADEGAS Report Abuse afghaned ... Very true.
2bigtanks All-Star Author Akron Posts:772 Points:371,610 Joined:Jun 2011	Message Posted: Jul 17, 2012 1:20:40 AM Ignore 2bigtanks Report Abuse Bad
roadrunnerMO Champion Author Kansas Posts:8,417 Points:1,702,260 Joined:Jul 2008	Message Posted: Jul 17, 2012 1:20:04 AM Ignore roadrunnerMO Report Abuse Let em lose their butts in those hedge funds.
5Golfer8 Champion Author Tucson Posts:2,148 Points:302,600 Joined:Jun 2011	Message Posted: Jul 17, 2012 1:19:41 AM Ignore 5Golfer8 Report Abuse What ever.
windows7isfast Champion Author Winnipeg Posts:2,419 Points:493,200 Joined:Nov 2011	Message Posted: Jul 17, 2012 1:15:43 AM Ignore windows7isfast Report Abuse ok
southrob Champion Author Tucson Posts:3,610 Points:690,125 Joined:Mar 2011	Message Posted: Jul 17, 2012 1:14:21 AM Ignore southrob Report Abuse and back here we need to dhan
rd2000 Champion Author Florida Posts:3,587 Points:689,920 Joined:Jul 2007	Message Posted: Jul 17, 2012 1:12:52 AM Ignore rd2000 Report Abuse not good.
Tigercat88 Champion Author North Carolina Posts:3,212 Points:619,790 Joined:Jul 2011	Message Posted: Jul 17, 2012 1:12:26 AM Ignore Tigercat88 Report Abuse Too Bad.
afghaned Champion Author Hamilton Posts:11,827 Points:1,288,085 Joined:May 2004	Message Posted: Jul 17, 2012 1:11:19 AM Ignore afghaned Report Abuse Another unstable area. No surprise Shell bowed out.