Australian Renewable Fuels, the owner of the Picton biodiesel plant near Bunbury, is negotiating with its biggest shareholder Wasabi Energy over a potential $12 million merger.
The companies are examining a straight one-for-one share swap and a scheme of arrangement, with Wasabi taking the lead role. However, Wasabi was yesterday trading at a discount to arfuels, finishing flat at 1.9¢, while arfuels shares lost 0.1¢ to 2.1¢.
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