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Gina Rinehart returns fire, gazumping Beach Energy’s revised offer for Warrego Energy inside a day
Gina Rinehart has taken barely seven hours to return fire at Beach Energy, adding a $61 million sweetener to better its rival suitor’s bid for Warrego Energy. In a clear statement of intent, Mrs Rinehart’s Hancock Prospecting did not even wait out the day before announcing an increased offer of 28¢ a share for Warrego, escalating a takeover battle for the Perth Basin gas play that has its shareholders celebrating.
Bidding war: Kerry Stokes outbids Gina Rinehart in gas battle
Beach Energy has increased its bid for Perth basin gas play Warrego Energy by 25 per cent to fend off an off-market offer from Gina Rinehart’s Hancock Energy in an escalating battle for a slice of a promising gas field north of Perth.
HANCOCK DELIVERS $5.8BN PROFIT
Gina Rinehart’s Hancock Prospecting mining giant has delivered the second-largest financial result in its history, producing a bumper $5.8bn net profit.
Hancock also paid $4.4bn in state and commonwealth taxes this year, and has paid $11.3bn over the past five years.
The profit is several times larger than any other Australian-owned private company, and comes as Mrs Rinehart once again scours the market for acquisitions.
On the ASX | The battle for Warrego Energy
The battle for Warrego Energy continues with a new suitor in the mix — Gina Rinehart’s Hancock Prospecting has submitted a 23-cents-per-share takeover bid for the Perth-based energy company.
Big $5.8bn profit for Hancock Prospecting
GINA Rinehart’s Hancock Prospecting mining giant has delivered the second largest financial result in its history, producing a bumper $5.8bn net profit. The company’s 2022 result, contained in accounts for Hancock lodged with the corporate regulator on Wednesday, included big profits for Mrs Rinehart’s mining operations and investments such as a stake in rural holding Australian Outback Beef.
Rinehart’s $280m bid
Gina Rinehart has crashed the agreed buyout of Warrego Energy — launching a $280 million counter offer that could flush out more suitors for the Perth Basin gas play. Hancock said it saw Warrego as “complementary and a strategic fit”. It also suggested it was open to further consolidation in the region if successful, citing the opportunity to “collaborate with parties including existing Warrego joint venture partners and others with interests in Warrego’s areas of operation”.
Gina Rinehart intervenes in Warrego Energy takeover battle with $280 million counter offer
Warrego Energy is now the centre of a three-way takeover tussle, with Gina Rinehart launching a $280 million counter offer after failed talks with the target’s board. Hancock’s takeover papers lodged with the Australian Securities Exchange revealed the group had been in confidential takeover talks with Warrego but those talks had “now ceased”.
Rinehart’s Hancock joins three-way race for Warrego Energy
Gina Rinehart’s Hancock Prospecting has emerged as a third bidder for takeover target Warrego Energy, with the West Australian gas developer already fielding bids from Strike Energy and Beach Energy. Hancock Energy director Stuart Johnston described the offer as “attractive and compelling for Warrego shareholders, including in light of recent proposals they have received”. A bidder’s statement has been lodged with the securities regulator and Mr Johnson encouraged Warrego shareholders “to accept the offer at their earliest opportunity”.
