Australia's Mineral Resources to buy AWE for A$526m

Bengaluru

AUSTRALIAN gas producer AWE on Thursday accepted a sweetened takeover offer from Mineral Resources Ltd worth about A$526 million (S$542 million) and that trumped an all-cash bid from a Chinese state-owned firm.

Mineral Resources improved its all-shares offer with a cash component, promising to pay the equivalent of A$0.83 a share, as long as Mineral Resources shares average between A$15 and A$21 a share ahead of a vote on the bid, expected in April.