July 16, 2012 / 2:18 PM / 5 years ago

RPT-Shell says won't raise Cove offer

LONDON, July 16 (Reuters) - Shell said on Monday it would not raise its offer for Cove Energy, leaving the way clear for Thai oil firm PTT Exploration & Production to win the bid battle for the gas explorer.

“Shell has today decided not to revise its offer of 220 pence in cash for each share of Cove, and not take part in the auction procedure for Cove,” the group said in a statement.

Earlier on Monday PTT again extended its 240 pence per share, or $1.9 billion, offer for Cove.

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