LONDON (Reuters) - Thail group PTT Exploration and Production has trumped Royal Dutch Shell's agreed bid for Mozambique-focused explorer Cove Energy by offering 1.22 billion pounds ($1.9 billion).
Cove management said on Wednesday, hours ahead of a deadline for investors to accept Shell's bid, it now backed PTT's 240 pence per share bid, after earlier backing Shell's 220 pence.
Cove has an 8.5 percent stake in an Anadarko Petroleum-led
Cove shares closed at 224 pence on Tuesday.
($1 = 0.6330 pound)
(Reporting by Tom Bergin; Editing by Dan Lalor)
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