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.
One of China’s biggest privately-owned graphite players has backed Battery Minerals’ plan to establish a graphite operation in Mozambique, progressing a memorandum of understanding to a formal offtake arrangement.
Qingdao Guangxing Electronic Materials Co will take 10,000 tonnes off graphite concentrate per year from Battery Minerals’ Montepuez mine in Mozambique, with the agreement covering at least the next three years.