https://www.miningweekly.com

AWE serves Mineral Resources notice to match Mitsui offer

The Waitsa project.

The Waitsa project.

31st January 2018

By: Reuters

  

Font size: - +

AWE said on Wednesday it has given suitor Mineral Resources three days to match a A$594-million takeover offer from Mitsui & Co, or it will nominate the Japanese bid as a superior offer.

The Australian gas producer said in a statement it notified Mineral Resources late Tuesday, giving it a deadline of Friday, February 2 to match the Mitsui proposal, which was 14.5% above the Mineral Resources offer.

AWE said it would enter into a bid implementation deed with Mitsui and recommend its bid to shareholders if Mineral Resources did not match the A$0.95 a share offer.

Investors, however, are eyeing a higher offer emerging, with AWE's shares currently trading at A$0.9725 a share.

Mineral Resources was not immediately available for comment on Wednesday, but a spokesman said in an emailed statement on Monday that the company was looking at Mitsui's proposal and considering its position.

Mitsui's offer on Monday marks the first full takeover bid by the Japanese trading giant for an Australian company.

State-owned China Energy Reserve and Chemicals Group (CERCG) had also bid for AWE last November, although its offer was later topped by Mineral Resources.

AWE owns a 50% stake in the prized Waitsia gas prospect in Western Australia.

Edited by Reuters

Comments

Latest News

Zimbabwe Mines Minister Winston Chitando
Zimbabwe’s Mnangagwa names new Mines Minister in mini-reshuffle
Updated 5 hours ago By: Bloomberg

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.149 0.216s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: