WestSide in talks with potential buyers on takeover
By a staff reporter
WestSide Corporation Ltd is in talks with potential parties who have expressed interest in acquiring the coal-seam-gas explorer, the company said in a statement to the Australian Securities Exchange.
The company did not name the the parties involved in the discussions, but Chinese energy giant PetroChina reportedly launched a $185 million bid for the Australian group in December.
"WestSide will keep the market informed of any material developments in accordance with its disclosure obligations," the company said.
"However, uncertainty remains as to whether the binding proposal which might be acceptable to the WestSide Board will eventuate."
PetroChina has been moving into Australia's resources sector, having jointly bought, with Shell, Arrow Energy for $3.2 billion in 2010.
The group has also signed a non-binding deal with LNG Limited to supply gas to a small liquified natural gas plant planned at Fisherman's Landing near Gladstone, among other deals.
WCL Price at posting:
31.5¢ Sentiment: None Disclosure: Held
