Chinese firm bids for Aussie gas operator
Print Edition
Australia’s Queensland coal seam gas (CSG) operator WestSide Corp said yesterday that it had received an off-market takeover bid from Landbridge Group, a private firm based in east China’s Shandong Province for all of the shares in WestSide for a cash consideration of 36 Australian cents (32.54 US cents) a share.
The takeover bid will be worth about A$160 million.
The board of WestSide is reviewing the terms of the intended bid, the company said.
“The intended bid is highly conditional and subject to, amongst other things, the approval of various third parties (including Chinese and Australian government regulatory approvals) and Landbridge undertaking due diligence,” WestSide said in a statement yesterday.
WestSide is an Australian Securities Exchange-listed company with gas production and significant uncontracted gas reserves and exploration interests in Queensland.
It operates the Meridian SeamGas CSG fields west of Gladstone in Queensland, and has interest in several gas exploration programs in the Bowen Basin.
(Xinhua)
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