Slaughter and May is advising PTT Exploration and Production Public Co. Ltd., a Thai state-owned enterprise, on a $1.9 billion takeover bid for London-based Cove Energy Plc . If successful, the deal will be the largest overseas acquisition by a Thai company ever.
Cove Energy focuses on oil and gas exploration in Mozambique and has interests in offshore sites containing enormous volumes of natural gas. The Thai government, like others in Asia, is eager to secure access to future energy supplies.
Last week, PTTEP raised its bid for Cove 25 percent to beat a competing $1.6 billion offer by Anglo-Dutch oil giant Royal Dutch Shell Plc. Shell has said it is considering its options.
Slaughter and May is acting for PTTEP with a team of lawyers led by Hong Kong partners David Watkins and Peter Lake. Cove Energy is being advised by partners Geoff Gouriet and John Reed of London-based Lawrence Graham.
To fund the acquisition, PTTEP has secured a $1.5 billion loan from UBS AG., which is being advised by Linklaters.
Clifford Chance London partner Timothy Lewis has been advising Shell on its bid for Cove Energy.