Japan's Mitsui heats up bidding war for Australian gas producer AWE [Reuters]
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Source: Reuters
Japan's Mitsui offers to buy Australia's AWE for $481 million | Reuters Reuters Staff 2 Min Read (Reuters) - Japan’s Mitsui & Co ( 8031.T ) has made a $481 million offer to buy Australia’s AWE Ltd ( AWE.AX ), trumping bids from two other companies that are all vying for a stake in the promising onshore Waitsia gas field. The Mitsui offer of A$0.95 per share in cash, or about A$594 million, is at an 11.8 percent premium to the closing level of AWE stocks on Thursday. It is also significantly higher than a sweetened $403 million takeover offer from Mineral Resources Ltd ( MIN.AX ), which AWE accepted in December, and another bid from a Chinese state-owned firm. AWE said the Mitsui proposal was subject to, besides other conditions, the company terminating its scheme implementation agreement with Mineral Resources by the end of Feb. 2. The Mitsui offer, however, is not contingent to a demand to inspect AWE’s books, or regulatory and internal approvals, AWE said in the statement on M
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