Chinese ports group Landbridge has made a A$160mn ($144.6mn)hostile takeover bid for Australian coal-bed methane(CBM)gas developer Westside,after approaches to the target company’s board were unsuccessful. Landbridge,a private-sector port,refinery and logistics company from China’s Shandong province,has made a direct approach to Westside’s shareholders offering A$0.36/share. This is a discount to the A$185mn bid from China’s state-controlled PetroChina that collapsed last year because of the Chinese company’s concerns over higher costs in Australia and a weaker LNG market outlook(AGL,June,p16).
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