Thai oil and gas company PTT Exploration and Production said on Friday that it had submitted a rival US$1.7 billion bid for energy exploration Cove Energy, trumping a previous offer from Royal Dutch Shell by 12.8%. PTT is state-controlled and is the second largest listco on the Thai stock exchange. It is capitalised at slightly more than US$19bn.
Remember Chips Goodyear? He was going to be Temasek’s CEO before he quit Temasek’s board. Seems he wanted Temasek to make these kind of big mining or energy bids. Seems this was too exciting for Temasek or its shareholder.
