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Monday, 06 October, 2008, 11:50 GMT | more prices >>

Nexus swoops for Anzon



By Upstream staff 

Australian oil and gas producer Nexus Energy has said Anzon Australia has agreed to a revised A$648.4 million ($563.8 million) takeover offer, beating out a rival bid by Arc Energy .

The offer values Anzon at A$1.75 per share and comprises $0.71 in cash and A$1.04 in scrip for each Anzon share, the companies said in a joint statement.

Nexus chairman Michael Fowler said: “This merger will combine two companies with truly complementary asset positions focussing on the mature Gippsland basin and the rapidly emerging Browse basin.

"The increasing size, operating capability and profile will result in Nexus playing an increasingly important role in Australia’s oil and gas sector.”

Arc Energy said it does not intend to raise its offer for Anzon Energy following its move to accept Nexus's new offer, Reuters reported.

Shares in Anzon Australia jumped as much as 23% on news of the deal. Anzon shares were up 21 percent at A$1.64 by 0014 GMT.


Tuesday, 22 January, 2008, 23:28 GMT  | last updated: Wednesday, 23 January, 2008, 01:06 GMT

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