Chinese Firm Rescinds Takeover Offer For Australia's AWE | Gulf Coast Oil Rig Equipment & Repair
Dec 5 (Reuters) - Australian oil and gas producer AWE Ltd said on Tuesday it has received a notice from China Energy Reserve and Chemical Group Australia (CERCG) stating that it has formally withdrawn its bid to buy the company.
Last week, AWE had said its initial view of the A$430 million ($327 million) offer was that it is too low.
($1 = 1.3156 Australian dollars) (Reporting By Shashwat Pradhan in Bengaluru; editing by Richard Pullin)