CERCG withdraws proposal to acquire 100% of AWE

By Romel S. Gurky

ASX-listed AWE Limited announced Tuesday that it has received notice from China Energy Reserve and Chemical Group Australia Pty Limited (CERCG), that it had formally withdrawn its conditional, nonbinding indicative proposal to acquire 100 percent of the shares in AWE for $0.71 per share.

?The AWE Board remains fully committed to acting in the best interests of, and maximizing value for, AWE?s shareholders,? AWE said in a statement.

AWE appointed UBS AG, Australia Branch, and Highbury Partnership as financial advisors and Allens as legal advisor.

In Indonesia, AWE holds a 50 percent interest in the undeveloped Ande AndeLumut (AAL) Oil Project in Indonesia's Northwest Natuna Sea.

Editing by Reiner Simanjuntak