UPDATE 3-Japan's Mitsui wins bidding war for Australian gas producer AWE [Reuters]
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Source: Reuters
Japan's Mitsui wins bidding war for Australian gas producer AWE | Reuters Reuters Staff 3 Min Read MELBOURNE (Reuters) - Mitsui & Co won a three-way bidding war to take over Australia’s AWE Ltd, after rival Mineral Resources failed to match the Japanese trading giant’s A$594 million ($470 million) offer. Assuming the deal goes ahead, it would mark Mitsui’s first takeover of an Australian company and give it a 50 percent stake in the country’s biggest onshore conventional gas find in 40 years at a time when local gas demand is soaring. “It should be a relatively low risk investment for Mitsui with the possibility of very decent returns, given the upswing in domestic gas prices in Australia,” said Tom O‘Sullivan, managing director of energy consultancy Mathyos Japan in Tokyo. AWE on Monday withdrew its support for Mineral Resources’ bid and recommended shareholders accept Mitsui’s all cash offer of A$0.95 a share after Mineral Resources did not match Mitsui’s offer by a Feb. 2 deadline.
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