AWE in the midst of a takeover battle

AWE receives acquisition proposal from Mineral Resources Limited

Shares in AWE Limited have jumped more than 13 per cent after the oil and gas producer announced it had received a rival takeover bid from mining services firm Mineral Resources.

On Friday China Energy Reserve and Chemical Group Australia (CERCG) tabled a revised offer of 73 cents per share having being previously told that a 71 cents per share offer was not enough to be granted due diligence.

The two suitors are targeting AWE's stake in a gas project in Western Australia, Waitsia, which the company has called the country's biggest conventional gas find onshore in four decades.

Wilson has an outperform rating on AWE with a risked discounted cash-flow valuation of AUD0.91 per share.

MRL says that the acquisition of AWE aligns with its renewable energy strategy of gaining gas assets to vertically integrate its energy supply chain.

CERCG Australia's business manager Kevin Gao said the company would use LNG container tanks which can maintain liquefaction for 110 days.

AWE said the Mineral Resources bid, which came in after close of trading on Friday, is worth 80 cents a share, valuing the business at $484 million.

AWE has stated that its board will assess the merger offer from MRL and also the takeover proposal from CERCG's Australian subsidiary.

AWE rejected a A$750 million scrip-based offer from Senex Energy in 2013 before oil prices collapsed and a A$421 million approach from US private equity firm Lone Star a year ago.

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