Shell had set May 23 as the date for acceptance of its April offer of more than £1.1bn for Cove Energy. It could have been such a beautiful day… but Thailand’s PTT Exploration has decided to come storming back into the picture with an improved of of 240p per Cove share.
That values the company, and its 8.5 per cent stake in a licence to drill the Rovuma basin block off Mozambique, at near £1.2bn and has understandably turned the board’s heads while giving the share price a 10 per cent pop: Read more
That’s right, at pixel time shares in the loss-making UK internet grocer Ocado were changing hands for 242p, giving it a market value of a cool £1.2bn. Read more
More on those Smith & Nephew bid rumours, this time from Merrill Lynch, whose investment bankers have reportedly been trying to put the medical devices group together with a heavily indebted US rival.
Analyst Ed Ridley-Day has told clients on Wednesday morning that he is moving to a “No Rating” on S&N because of all this takeover speculation. Read more
BP’s share swap and Arctic exploration deal with Russia’s state oil company Rosneft might have stolen all the headlines but it is Smiths Group which is the stand-out feature in the FTSE 100 on Monday morning.
Shares in the engineering conglomerate moved sharply higher following news — released after the UK stock market closed on Friday — that it had rejected a £2.45bn offer for its medical business from private equity group Apax. Read more
What’s this? Another UK company deciding not to reveal a takeover approach in spite of persistent bid speculation?
Looks that way. And this one is a FTSE 100 constituent. Read more
Yes, says Fred Lucas of JPMorgan, who notes that BP is trading on an implied reserve multiple that’s 30 per cent below its peers and equal to ExxonMobil’s long run finding and development costs:
Shares in BP traded over 400p for the first time in around a month on Monday – June 9 to be precise – as bid rumours swirled: