Chinese conglomerate makes pitch for AWE

AWE has received an unsolicited takeover proposal from China Energy Reserve and Chemical Group Australia.

Offshore staff

NORTH SYDNEY, AustraliaAWE has received an unsolicited takeover proposal from China Energy Reserve and Chemical Group (CERCG) Australia.

The latter is offering to acquire 100% of the shares in AWE at a price of $0.71 cash per share, pursuant to either a recommended takeover bid or scheme of arrangement (Indicative Proposal).

AWE, which has production and development interests in the Bass Strait off southeast Australia and offshore Indonesia, understands that CERCG is a Chinese state-owned entity with operations in oil and gas trading, logistics, distribution and supply services located in China.

11/30/2017

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