August 21, 2019 / 10:43 PM / 25 days ago

Australia's ERM Power gets takeover offer from Shell's Australia unit

Aug 22 (Reuters) - Australian energy retailer ERM Power Ltd on Thursday said it had received a takeover proposal from Shell’s Australia unit for A$617 million ($418.51 million).

Shell Energy Australia would buy ERM in an all-cash offer valued at A$2.465 per ERM share, the company said in a statement.

The offer represents a 43.3% premium to ERM’s last close of A$1.720.

$1 = 1.4743 Australian dollars Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Bernard Orr

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