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AWE in bidding war as Mineral Resources trumps China's offer

Angela Macdonald-Smith
Angela Macdonald-SmithSenior resources writer
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Investors in AWE Ltd are embracing the prospect of a bidding war for the unheralded oil and gas player after mining services provider Mineral Resources Ltd trumped a $463 million takeover offer from a state-owned Chinese player amid expectations a third suitor may still enter the fray.

News of the all-scrip offer of 80¢ a share from Perth-based MinRes, run by Financial Review Rich Lister Chris Ellison, sent AWE's shares soaring once again as shareholders bet the takeover tussle has some way to play out.

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Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables. Connect with Angela on Twitter. Email Angela at amacdonald-smith@afr.com
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    Original URL: https://www.afr.com/business/energy/oil/awe-in-bidding-war-as-mineral-resources-trumps-chinas-offer-20171210-h02968