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Australia's AWE to buy Arc Energy for A$508 million

Wed Apr 23, 2008 9:10pm EDT

Stocks

   

PERTH, April 24 (Reuters) - Oil and gas producer Australian Worldwide Exploration Ltd (AWE.AX)(AWE) is proposing to buy oil firm Arc Energy Ltd ARQ.AX for A$508 million ($479 million) in a cash and share deal, a source familiar with negotiations said on Thursday.

"Its a cash and share deal which will value Arc at about A$1.58 a share," said the source who declined to be identified because he was not authorised to speak on the matter.

Shares in AWE and Arc Energy were placed on trading halt on Thursday ahead of an announcement about a proposed transaction. (Reporting by Fayen Wong)



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