Mr Ellison walked away from a buyout because the value of Warrego and other Perth Basin gas assets is now “over-inflated.”
but said it could not justify joining a bidding war for the company because the value of gas assets in the Perth Basin – where it has interests – is now “over-inflated”.
“Mineral Resources does not intend to make a takeover bid or other offer for Warrego, and is of the opinion that gas asset prices in the Perth Basin are now over-inflated,” Mineral Resources said in a statement.Warrego Energy in early JanuaryThe latest Hancock bid is conditional on it gaining control of at least 40 per cent of Warrego stock. Hancock already holds a 25.9 per cent stake, meaning it needs only another 14.1 per cent to reach that threshold.
Warrego and Strike are partners in the West Erregulla gas field, which Kerry Stokes-backed Beach Energy considers has the potential to bolster volumes into the Waitsia operations Beach owns in partnership with Mitsui. Beach bowed out of the takeover battle for Warrego in December after its 25¢-a-share bid was trumped by Hancock’s 28¢ offer.
Warrego stock edged 1.28 per cent lower to 38¢ on Thursday at midday, valuing the company at $471.54 million.
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