Australia's energy sector expects more takeovers,but at least one gas company believes the price peak may have passed.
A new report says three out of five oil and gas companies want to carry out an acquisition in the next 12 months.
AWE has accepted a $602 million takeover bid from Japanese firm Mitsui,withdrawing its previous support for a rival offer from Mineral Resources.
AWE has seen its sales revenue spike on the back of strong oil prices,but the bidding war for the company remains its main share price driver.
A bidding war has re-erupted as AWE receives a $600 million cash takeover from Japanese company Mitsui.
AWE's board has backed a takeover offer from fellow Australian resources company Mineral Resources after it sweetened the deal,trumping a rival Chinese bid.
A flurry of bids have erupted for relatively unknown junior energy company AWE,but what is driving this interest?
Competing takeover bids for AWE both undervalue the junior explorer and may need to be lifted closer to $1 to win over investors,according to a shareholder.
AWE has received its third takeover bid in two months,as Australian mining company Mineral Resources makes an offer for the gas company.
China Energy Reserve and Chemical Group has made a second,higher takeover bid for AWE,following the withdrawal of its initial offer earlier this week.