Oil and gas company AWE (ASX:AWE) has announced it has received notice from China Energy Reserve and Chemical Group Australia that it has formally withdrawn its conditional proposal to acquire 100 per cent of the shares in the company.
The proposed price per share was $0.71.
AWE announced on 11 November 2017 the Australian subsidiary of the Chinese company made a proposal to acquire 100 per cent of AWE.
The company is a Chinese state-owned entity with operations in oil and gas trading, logistics, distribution and supply services located in China.
AWE said its board remains fully committed to acting in the best interests of its shareholders to maximise value.
Shares in AWE (ASX:AWE) are trading 15 per cent higher to 59 cents.