Chinese Firm Rescinds Takeover Offer For Australia's AWE


Dec 5 (Reuters) - Australian oil and gas producer AWE Ltd said on Tuesday it has received a notice from China Energy Reserve and Chemical Group Australia (CERCG) stating that it has formally withdrawn its bid to buy the company.

Last week, AWE had said its initial view of the A$430 million ($327 million) offer was that it is too low.

($1 = 1.3156 Australian dollars) (Reporting By Shashwat Pradhan in Bengaluru; editing by Richard Pullin)


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.