AWE and Mitsui reach agreement

A map of AWE's Waitsia gas field.

A map of AWE's Waitsia gas field.

After Mineral Resources failed to match Mitsui & Co Ltd’s $0.95 per share bid, the AWE Board has unanimously recommended its shareholders approve the Japanese company’s bid.

Each of the AWE directors intends to accept, or procure acceptance of, the Mitsui takeover bid in respect to all AWE shares that they own or control.

“The Mitsui proposal, being all cash and pitched at a significant premium to the competing offers received by the AWE board, represented a superior value proposition,” said AWE Chairman Ken Williams.

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