Oil and gas major Royal Dutch Shell has agreed to buy Mozambique-focused explorer Cove Energy for £1.1billion in cash.
It is an increase on Shell’s initial £995million offer and follows a rival bid from Thai state-controlled oil and gas group PTT in February.
Shell’s acquisition will give it access to a new gas frontier in east Africa. Cove’s directors, recommending the deal to shareholders, said they would be accepting the offer.
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