LONDON: Royal Dutch Shell Plc, Europe’s largest oil company, offered to buy African explorer Cove Energy Plc for £994.4mil (US$1.6bil) to expand in Mozambique and Kenya.
Shell is offering 195p for each Cove share, a 26% premium to the closing price of the London-based company yon Tuesday, according to a statement. Cove’s board said separately that it expected to recommend the proposed acquisition. – Bloomberg
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