A surprise move by Chris Ellison’s Mineral Resources to sell shares in Warrego Energy into Hancock Energy’s cash takeover offer just three weeks after buying them at a higher price has handed majority control of the in-demand West Australian gas junior to Gina Rinehart’s Hancock Energy.
The decision by MinRes helped take Hancock’s interest in Warrego to 50.54 per cent, marking a milestone in the drawn-out $438 million takeover battle for Warrego against the target’s joint venture partner, Strike Energy.
