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PetroChina Co Withdraws AUD185 Million Bid For Westside Corp Ltd-DJ


Tuesday, 14 May 2013 02:42am EDT 

Dow Jones reported that Westside Corp said that PetroChina Co. has withdrawn a AUD185.1 million (USD184.7 million) takeover offer for the Company. PetroChina made the indicative offer of 52 cents per Westside share back in November. WestSide said in a filing Tuesday that the Chinese company told it that it decided to pull its offer because the general situation in Australia has changed so much. No further explanation was given for the decision, which comes as a number of giant gas-export projects in Queensland experience cost blowouts due to the strength of the Australian dollar and labor shortages. The Company Said discussions with other parties potentially interested in investing in the Company, either through a gas-sales agreement, joint venture or full takeover, were continuing. 

Company Quote

0.385
-0.0050 -1.28%
27 Aug 2014