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CERCG withdraws proposal to acquire AWE

Written by  AOG Staff Tuesday, 05 December 2017 06:44
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AWE said it has received notice from China Energy Reserve and Chemical Group that it has formally withdrawn its proposal to acquire 100% of the shares in the company.

The AWE board remains fully committed to acting in the best interests of, and maximising value for, AWE’s shareholders, it said in a statement.

CERCG is a Chinese state-owned entity with operations in oil and gas trading, logistics, distribution and supply services in China

Meanwhile, AWE has appointed UBS AG, Australia Branch, and Highbury Partnership as financial advisors and Allens as legal advisor.

The Australian energy company  has a substantial portfolio of production, development and exploration assets in Australia, New Zealand, and Indonesia

Image: AWE in Perth basin

 

 

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