Chinese firm makes A$463m bid for Australian gas producer AWE

Bengaluru

STATE-OWNED China Energy Reserve and Chemicals Group launched a A$463 million (S$471 million) bid for Australia's AWE Ltd on Friday, going direct to shareholders after the gas and oil producer rebuffed a slightly lower friendly approach.

AWE said it would evaluate the offer of A$0.73 a share, pitched at an about 11 per cent premium to AWE's close on Thursday and 34 per cent above AWE's close before the first bid was disclosed. It told shareholders to take no action.