Eastern Star Gas shareholders approved a $924 million takeover bid from coal seam gas rival Santos on Friday.
At a shareholder meeting in Sydney 81 per cent of Eastern Star investors backed the bid, despite some expressing concerns the offer was too low.
Eastern Star chairman John Anderson told shareholders progress for the company’s CSG projects had been slow.
He said the company had encountered significant political and community opposition and the Santos takeover was therefore the best option.
Eastern Star’s CSG operations, particularly those in the Pilliga region, have attracted considerable hostility from community and environmental groups.
Australian Mining
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