Deal Insight

Mitsui to acquire Australia's AWE for US$478 million

From

$1,650.00

You can pay by card or invoice

From

$1,650.00

You can pay by card or invoice

Get this Deal Insight as part of a subscription

Enquire about subscriptions

Already have a subscription? Sign In

Further information

Pay by Invoice or Credit Card FAQs

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

Report summary

When Australian upstream player AWE received a US$357 million (A$0.71/share) takeover offer from Chinese state-owned trader CERGC in November 2017, it sparked a bidding war. A December offer of A$0.83/share by local mining services company Mineral Resources was trumped by a US$478 million (A$0.95/share) bid by Mitsui & Co in January. The AWE board has recommended shareholders accept the offer from Mitsui, which rises to US$492 million when including net debt and working capital. AWE's crown jewel is the 765 bcf (2P) Waitsia gas field, onshore Western Australia. This is the largest onshore conventional gas discovery in Australia in the last 40 years. Ongoing appraisal success, with the last well testing at a peak rate of 90 mmcfd, suggests there is scope for considerable reserves upside. Mitsui has an existing position in both the west and east coast Australian gas markets; the acquisition of AWE turns it into a major player on both sides of the continent.

What's included

This report contains

  • Document

    Mitsui to acquire Australia's AWE for US$478 million

    PDF 293.96 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

You may be interested in

Questions about this report?

  • Europe:
    +44 131 243 4400
  • Americas:
    +1 713 470 1600
  • Asia Pacific:
    +65 6518 0800