A Chinese state-owned energy company has stepped up its efforts to gain control of the Waitsia gas field north of Perth, launching a hostile bid today for oil and gas group AWE after withdrawing its proposal for a friendly takeover earlier this week.

China Energy Reserve and Chemical Group, through its 80 per cent-owned Australian subsidiary CERCG Australia, has priced its bid for AWE at 73 cents per share, valuing the target at $463 million.

CERCG walked away from its earlier proposal, priced at 71 cents per share, on Tuesday after the AWE board did not allow the Chinese company to undertake a final due diligence review.

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