Shell agrees to buy Cove Energy

Royal Dutch Shell announced on Tuesday it is to buy London-listed Cove Energy for £1.1bn.

Shell subsidiary Shell Exploration and Proeduction agreed to pay 220 pence a share, a 10% rise on its first bid in February.
The deal still needs approval from the Mozambique government.
The company, which wants to tap into the East African gas reserves, said in a statement the Cove deal would ‘mark Shell’s entry into exciting new hydrocarbon provinces in Mozambique and Kenya’.
The acquisition represents ‘significant potential’ for liquefied natural gas discoveries in Mozambique and further exploration in East Africa, the company said.

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