Wed, 21st Aug 2019 23:43
Aug 22 (Reuters) - Australian energy retailer ERM Power Ltdon Thursday said it had received a takeover proposalfrom Shell's Australia unit for A$617 million ($418.51million).
Shell Energy Australia would buy ERM in an all-cash offervalued at A$2.465 per ERM share, the company said in astatement.
The offer represents a 43.3% premium to ERM's last close ofA$1.720.
($1 = 1.4743 Australian dollars)(Reporting by Shriya Ramakrishnan in Bengaluru; Editing byBernard Orr)
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