Mitsui gains majority stake in AWE

Japanese group Mitusi & Co has gained a majority stake in Waitsia gas field operator AWE after a keenly contested takeover battle, and has now declared its $602 million offer unconditional.

In a statement to the ASX, Mitsui said it had gained a 51.9 per cent interest in AWE and that the offer period has been extended by 14 days under the Corporations Act.

Mitsui made its bid of 95 cents per share in January and has received a unanimous recommendation from AWE’s board.

“AWE shareholders who have already validly accepted the offer will receive their consideration within seven business days,” Mitsui said

“AWE shareholders who accept the offer between now and the end of the offer period will receive their consideration within seven business days of their valid acceptance being received.”

AWE has fielded three takeover offers since November, one each from CERCG Australia, Mineral Resources and Mitsui.

Prior to the Mitsui bid, AWE had entered into a scheme implementation deed with Mineral Resources, after receiving and recommending a proposal of 83 cents per share, in the absence of a superior offer.

AWE is the operator and 50 per cent owner of the Waitsia gas field, which is considered the largest onshore gas discovery in Australia in the past 40 years.