Mitsui beats CERCG, Mineral Resources in AWE pursuit

China Energy Reserve and Chemical Australia has lost its bid to acquire oil and gas exploration firm AWE, with the sought-after company signing a $602 million takeover deal with Japan’s Mitsui.

CERCG had offered 73 cents per share in AWE, but was trumped in recent weeks by Mitsui, which offered shareholders 95 cents per share.

The CERCG offer equated to a $460 million valuation for AWE.

Mon, 05/02/2018 - 12:52