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| Name | Symbol | Market | Type |
|---|---|---|---|
| Petrochina Company Ltd | NYSE:PTR | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 46.85 | 0 | 01:00:00 |
From May 2019 to May 2024
By Ross Kelly
SYDNEY--In a rare example of a Chinese company turning hostile with a takeover attempt, Shandong-based Landbridge Group Co. pitched a 159.8 million Australian dollars (US$144.6 million) offer for Westside Corp. (WCL.AU) direct to the energy producer's shareholders.
Closely held Landbridge has offered 36 Australian cents per Westside share, a 38% premium to their closing price Friday of 26 cents, according to a statement from Landbridge posted on the Australian Securities Exchange.
Shandong-based Landbridge, which owns a port in China along with refinery and real-estate assets, said it approached Westside with an offer last month, but the Australian company rejected its request to scrutinize its books.
The offer provides certainty for Westside shareholders concerned the company may struggle to fund gas field developments, Landbridge Chairman Ye Cheng said in the statement.
Westside owns coal seam gas fields in Queensland state, where three large export projects being built by rivals are due to become operational over the next two years. Analysts fear some of the projects may face a shortage of gas from the Bowen Basin coalfields, forcing them to source supplies for other producers in the area. Westside's assets are in areas typically considered to have lower quality resources than so-called "sweet spots" in the nearby Surat Basin.
In May last year, Westside said PetroChina Co. (PTR) had withdrawn a A$185.1 million bid because "the general situation in Australia has changed so much". No further explanation was given for the decision, which came as all three export projects experienced cost blowouts due to a high Australian dollar, technical difficulties and labor shortages.
PetroChina also owns coal seam gas assets in the Bowen Basin through a joint venture with Royal Dutch Shell PLC (RDSB). The venture hasn't decided whether to build its own export project.
Write to Ross Kelly at ross.kelly@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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