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34

BG Group To Take Over Australian Firm

BG Group Plc, the UK's third largest natural gas producer

The UK's third largest natural gas producer BG Group Plc is about to raise its hostile takeover bid for Australian power retailer Origin Energy Ltd, according to analysts. The deal is of $13.7 billion worth.

Origin has knocked back the $15.50 cash per share offer on the basis it undervalues the company and its coal seam gas assets.

The UK-based group is targeting Origin in part to secure its gas resources in eastern Australia to feed a proposed liquefied natural gas plant in Queensland.

Origin shares gained seven cents to $15.87 by 1112 AEST.

Analysts have put a valuation on Origin shares ranging from $17.35 to $20.