Mitsui wins bid war for Western Australian gas producer

Japanese company Mitsui has made a successful bid for AWE in an effort to tap into growing gas demand in Western Australia Japanese company Mitsui has made a successful bid for AWE in an effort to tap into growing gas demand in Western Australia.
By Sally Bogle 5 February 2018 0 29405
AWE’s Arrowsmith 2 well in the Perth Basin. AWE’s Arrowsmith 2 well in the Perth Basin. (AWE)

Mitsui won a three-way bidding war to acquire Australia’s AWE on Monday, giving the Japanese trading house a 50% stake in the Waitsia gas project in the Perth Basin – the largest onshore conventional discovery in Australia in 40 years. 

Assuming the deal proceeds through the approvals process, it will be Mitsui’s first takeover of an Australian company. Mitsui will pay A$594 million ($471.2 million) to acquire AWE. 

Waitsia could supply 10% of Western Australia’s (WA’s) domestic market for the next two decades. Interest in...

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