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Australia's AWE gets revised takeover offer from China firm, shares jump


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Dec 8 (Reuters) - Australian oil and gas producer AWE Ltd said on Friday it has received a revised A$463 million ($347.94 million) takeover offer on a fully diluted basis from state-owned China Energy Reserve and Chemicals Group (CERCG).

The CERCG offer of A$0.73 per share is at a 10.6 percent premium to AWE's closing level on Thursday. The company's stock rose as much as 12 percent after the announcement to surpass the CERCG offer price.

Shares of the company saw a steep decline on Tuesday after CERCG said it was withdrawing its A$0.71 per AWE share offer, made on Nov. 30, which AWE said was too low.

($1 = 1.3307 Australian dollars)




This article appears in: Politics , World Markets , US Markets , Stocks


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