What a miserable week it's been for China Energy Reserve and Chemicals Group, the state-owned suitor for Sydney-based oil and gas company AWE. On Monday, weeks after both Mineral Resources and Mitsui put in higher bids, CERCG's already-weak prospects for AWE were slashed when the company recommended its shareholders spurn the Chinese consortium's bid, noting that the leading bid from Japan's Mitsui & Co is 30 per cent higher. Then came Wednesday's double-serve of bad news.

After an application from AWE, the Takeovers Panel ruled that CERCG couldn't send a bidders statement before next Monday, while the panel considers AWE's complaint about CERCG's funding in more detail. And in this paper, the Royal Bank of Canada forced CERCG to eat its words.