https://www.engineeringnews.co.za

AWE raises concerns over Chinese co's bid with takeovers panel

2nd February 2018

By: Reuters

  

Font size: - +

Takeover target AWE has raised concerns over a bid for the company by State-owned China Energy Reserves and Chemical Group (CERCG) with the Australian Government Takeovers Panel, the regulatory body said in a statement on Friday.

AWE, in its application, said that CERCG's bid fails to address a rival offer by Mineral Resources and does not sufficiently disclose whether funding is available for CERCG to carry out its bid, the panel said.

AWE believed shareholders did not have enough information to properly assess the merits of CERCG's bid and sought an interim order to restrain the despatch of CERCG's bid statement.

The Takeovers Panel said it had not made a decision on whether to conduct proceedings over AWE's application.

CERCG is the lowest bidder in a three-way bidding war for the oil and gas explorer. Earlier this week, AWE gave Mineral Resources till midnight Friday to match a A$594-million takeover offer from Mitsui & Co, or it would back the Japanese bid as a superior offer.

AWE's stock has risen more than 80%, since it received CERCG's takeover bid in late November.

Edited by Reuters

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/04/2024)
Updated 2 hours 32 minutes ago By: Martin Creamer
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.066 0.12s - 156pq - 2rq
Subscribe Now