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8/22, 3:32 AM (Source: TeleTrader)
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Shell offers $617M for takeover of ERM Power

Royal Dutch Shell Plc is poised to take over the second-largest Australian energy company ERM Power Ltd for $617 million, local media reported. The price represents a 43% premium to ERM's last close stock price of $1.72.

ERM's largest shareholder Trevor St Baker backed the offer and has recommended parties to accept the deal.

This is one of Shell's largest takeover bid in its pivot towards the energy sector.

Breaking the News / MA