BG Bids US$12bn For Origin Energy

May 2008 | M&A News Alert

BG Group, a UK oil and gas exploration group, has bid AUD14.70 (US$13.84) per share for Australia's Origin Energy. The April 29 bid values Origin, Australia's second-largest electricity and gas retailer, at AUD12.9bn (US$12bn). The bid is in line with BG's aim to increase its position in the Asia-Pacific gas market. In February, GB entered into a joint venture with Queensland Gas Company to develop a AUD8bn liquefied natural gas (LNG) project.

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