As Santos faces a $13 billion plus bid, a much smaller takeover situation (but more complicated with three bidders) has been resolved in WA.
Japan’s Mitsui & Co said yesterday (http://www.awexplore.com/irm/PDF/3037_0/Mitsuiofferdeclaredunconditionalandextended) it had reached majority control of Perth Basin gas operator AWE.
Mitsui said yesterday its interest in AWE had reached 51.9%, making the the $600 million takeover offer unconditional.
The development automatically extends the closing date of the 95 cents-a-share offer by two weeks to April 18.
Mitsui’s bid trumped those of Mineral Resources and China Energy Reserve and Chemicals Group, after gaining the support of AWE’s board and an independent expert.
AWE’s assets include a 50% stake and operatorship of the highly prospective Waitsia onshore gas project near Dongara.
AWE shares closed up 1 cent to 95.5 cents.
