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43

BG Announced Its Ownership of Pure Energy

British O&G group BG said that it owns almost 100 percent of Australian peer Pure Energy

The London-listed group bid 8.25 Australian dollars per share, valuing Pure Energy at $713 million.
«BG Group's offer closed on Monday … with BG having acquired a relevant interest in 99.74 percent of Pure shares," BG said in a statement to the London Stock Exchange.
«Pure shareholders who have not accepted BG Group's Offer will have their shares acquired under the compulsory acquisition process," it added.
BG's bid, launched at the start of February, overcame a major hurdle earlier this month after another Australian company, Arrow Energy, agreed to sell its 20.59 percent stake in Pure Energy.
Directors at Pure Energy, which had initially accepted an offer from Arrow, later revised their position and agreed to the higher bid from BG.
The takeover marks a big step for BG's expansion in Australia which it sees as a strategic area for development, being rich in oil and gas resources and well placed to supply markets in Asia where demand for energy has risen sharply in recent years.
Last year, BG paid 5.6 billion Australian dollars for Australian group Queensland Gas (QGC) in a friendly takeover, having tried unsuccessfully to bid for another local group, Origin Energy.
 

Author: Ksenia Kochneva

Source : AFP