China Energy Reserve and Chemical Group Australia Pty Limited (CERCG) has changed its mind about a takeover for Australia’s.
AWE Limited received a conditional, non- binding indicative proposal to acquire 100% of the shares for $0.71 per share on November 30.
AWE said its remains fully committed to acting in the best interests of, and maximising value for, AWE’s shareholders.
AWE appointed UBS AG, Australia Branch, and Highbury Partnership as financial advisors and Allens as legal advisor.
CERCG is a Chinese state-owned entity with operations in oil & gas trading, logistics, distribution and supply services located in China.

The Indicative Proposal was subject to a number of conditions, including:

• completion of satisfactory due diligence;

• obtaining Foreign Investment Review Board approval;

• execution of an Implementation Agreement; and

• approval by CERCG’s Board.