Mitsui moves to seal $602m takeover of AWE as Mineral Resources walks
Angela Macdonald-SmithSenior resources writer
Updated
Mitsui could wrap up a $602 million takeover of AWE in just five weeks after the board of the oil and gas player ditched its support for a lower priced Mineral Resources takeover agreement and did a deal with the Japanese player instead.
As revealed by The Australian Financial Review on Monday, MinRes couldn't match the 95¢ a share offered by Mitsui within the three-day opportunity it had to do so. AWE, the owner of a half-share in the large Waitsia gas field north of Perth, as a result, switched its recommendation to the Mitsui bid.
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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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