PetroChina Withdraws Bid for WestSide

PetroChina has withdrawn its bid to acquire 100 per cent of the shares in Brisbane based coal seam gas producer WestSide.

WestSide said that the Chinese firm has withdrawn from the negotiations "because the general situation in Australia has changed so much". PetroChina announced its intention to acquire the Australian firm in November last year.

WestSide’s Executive Chairman Angus Karoll said the company was disappointed by the development given the level of cooperation afforded to PetroChina over several months.

Since receiving the non-binding acquisition proposal from LNG Limited in February 2012, WestSide’s has explored a number of transaction structures with the objective of maximising shareholder value, WestSide said in a statement.

The options available to WestSide, a number of which remain under active consideration, include long term gas sale agreements, joint ventures and the sale of 100 per cent of the shares in the company, the statement said.

Discussions with interested parties remain active and will continue to be progressed as a matter of priority following the withdrawal of PetroChina, WestSide said.