PetroChina ends Australia CSM takeover bid

摘要

Sydney—A subsidiary of state-controlled PetroChina has bowed out of takeover talks with Australian coalseam gas junior WestSide, citing changed conditions in the local market. PetroChina International Investment Company Ltd. submitted an indicative A$185 million ($184.6 million) proposal for all of West- Side’s shares on November 19, 2012. But the state owned Chinese oil and gas company has now advised WestSide it has decided to withdraw from the negotiations “because the general situation in Australia has changed so much,” according to a WestSide statement May 14.