LNG Limited last night announced that thy have taken 9% of MEL, which leaves them about 1.5 million dollars away form having a blocking stake. LNG is backed by China Huanqiu Contracting & Engineering Corporation (HQCEC)which is a wholly owned subsidiary of China National Petroleum Corporation (CNPC), which is the government-owned parent company of public-listed PetroChina.
We also have Shell-Petrochina taking over BOW.
These two companies (BOW + MEL) are being essentially taken over (or apparently about to be) with the financial backing of the Chinese government.
Then we have little old Santos taking over our ESG. If you wanted Australian gas at the moment there are really three choices for supply and that is ESG,MEL and BOW. They have all got offers on the table or a blocking stake in progress.
Would it be too far off the ball for me to say that if you were to counter bid anyone, you would be counterbidding the company that has put an offer on the table that is currently at the low end of the Independent experts report? I think LNG Ltd handed us a lifeline this week by stakign a claim on the last remaining large free agent. If anyone wants gas other than Shell-Petrochina, HQCEC, or Santos they are going to have to counterbid now. In my book we are the most logical target for that as we have the suitor with the shallowest pockets. Put a no vote in there and suddenly STO is in a conundrum. Buy on market to force the price up, make another offer, or watch the vultures come in...
Obviously all my personal thoughts and with about the same backing as the US dollar at the moment...anyone's thoughts welcome!
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