UK’s Cove buoyed further on ONGC interest

摘要

London—Shares in Africa-focused Cove Energycontinued their recent rise February 28 afterIndia’s state-owned ONGC said it and state-owned GAIL are interested in making a bid forthe UK-listed company, the third official expression of interest for Cove in the past seven days.Shell on February 22 proposed a $1.6 bil-lion takeover offer for Cove, whose main assetis a small stake in the recent massive Mozam-bique natural gas finds, but Shell was subse-quently trumped on February 24 by Thailand’sPTTEP with a $1.78 billion bid (ON 2/27).ONGC in a statement confirmed its over-seas arm ONGC Videsh Limited and transpor-tation utility GAIL were “currently participatingin the formal sale process announced byCove on January 5, 2012.”