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China's CERCG offers $348 million to buy Australia’s AWE

( December 8, 2017, 06:28 GMT | Official Statement) -- MLex Summary: China Energy Reserve and Chemicals Group has made a direct offer to buy 100 percent of Australian oil and gas company AWE’s shares, valuing the listed firm at A$463 million ($348 million). The new offer comes after AWE’s board rebuffed the state-owned Chinese company’s initial conditional offer for being too low. The deal is subject to a 50 percent minimum acceptance from shareholders and approval from the Foreign Investment Review Board, but CERCG said dealings with the regulator are "well advanced."The company's full statement is attached. ...

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