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The first half of this year has marked the busiest period for Australian issuers since early 2007.
Institutional investors have already committed to buy about A$1.2 billion worth of shares.
It has hiked its bid for a fifth time in nine months after a steep rise in oil prices and potentially deterring any rival bids.
The Japanese company is eager to gain experience as operator of a gas field, a Mitsui spokeswoman in Tokyo said.
The offer topped a A$442-million bid from China Energy Reserve and Chemicals Group.
France’s Engie and Japan’s Mitsui put Australia’s coal fired power station Loy Yang B up for sale a year ago.
Santos has rebuffed the approach from PE-backed Harbour Energy as too cheap.
MMG may look more towards partnering other companies on the assets it wants to acquire, rather than going for acquisitions paid fully in cash.
The deal will triple Beach’s oil and gas reserves, transforming a company valued at $1.2 billion that has long been focused on one basin in central Australia.
Australia’s top energy retailer Origin has drawn interest from at least five potential bidders.