Mitsui extends AWE takeover offer

Company News

by Rachael Jones

Mitsui & Co has given a two week period for AWE (ASX:AWE) shareholders to accept its $602 million offer for the Perth Basin gas operator.

The extension comes after Mitsui’s interest in AWE reached 6.25 per cent, not enough to make the offer unconditional at over 50 per cent.

The AWE board and an independent expert have backed the bid, which beat rival offers from Mineral Resources, China Energy Reserve and Chemicals Group.

The Mitsui offer now closes on April 6 2018.

Shares in AWE (ASX:AWE) closed flat yesterday at $0.95.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.