Add CategoryMineral Resources has launched a $484 million takeover bid for oil and gas group AWE amid the ongoing battle for control of the Waitsia gas field north of Perth.
Last week, a Chinese-backed energy company made a hostile bid for AWE worth $463 million, however, this morning the ASX-listed oil and gas group said it had received a rival bid from MinRes after the close of trading on Friday.
Under the all-stock proposal, the bidder will issue one Mineral Resources share for every 22.325 AWE shares, valuing the target company at 80 cents a share, or $484 million.
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