By Sarah Kent: Published July 13, 2012 by Dow Jones Newswires
U.K. regulator, the Takeover Panel, Friday waded into the takeover battle between Royal Dutch Shell PLC (RDSB.LN) and Thailand’s PTT Exploration & Production PCL (PTTEP.TH) over Africa-focused Cove Energy PLC (COV.LN), giving the companies a deadline of July 16 to make their final offers.
If no offer is accepted by this date, the sale of Cove will be decided by an auction on July 17, the Takeover Panel said in a statement. The regulator’s intervention will draw to a close a months-long contest between the two companies for the prize of potentially-lucrative natural gas discoveries in Africa.
Cove’s main asset is an 8.5% stake in a gas discovery off Mozambique’s coast. It also has interests in Kenya and Tanzania. An acquisition of Cove, a modestly-sized exploration company listed on London’s junior exchange, is seen as particularly desirable as it would offer energy companies a speedy way to gain a foothold in the region.
However, to date, neither Shell nor PTT has managed to gain a substantial proportion of acceptances from shareholders, despite both contenders repeatedly extending the deadline on their offers.
On Monday, PTT said it had received acceptances from just 0.25% of Cove’s investors for its offer of 240 pence a share, while Shell has said its 220 pence-a-share offer has been accepted by 3.27% of shareholders. Cove’s board has recommended the PTT offer.
Under an auction process, Shell and PTT would be permitted to submit revised offers on a daily basis, provided both companies change their terms. If neither party revises its offer on July 17, the auction would end that day.
Shell, PTT and Cove have all agreed to these terms, the Takeover Panel said.
Write to Sarah Kent at [email protected]
Copyright © 2012 Dow Jones Newswires
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
