Buyout bid for AWE

SHARES in Australian Worldwide Exploration have surged after the oil and gas group declared it had received a $430 million takeover offer from a Chinese state-owned energy company.

AWE said its board was considering the buyout priced at 71¢ a share from China Energy Reserve and Chemical Group.

But the Australian group said it believed the offer was not high enough to give the Chinese company access to its books for due diligence.

The offer was well above the closing price for AWE shares on Wednesday – before yesterday’s revelation – of 54¢.