Finance / Australia
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Origin Reject BG Offer
June 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Leading integrated Australian energy firm Origin Energy on Friday rejected a revised bid of AUD13.6bn (US$13bn) from the UK's BG Group, citing receipt of a coal-seam gas (CSG) reserve review by Netherland, Sewell & Associates that raised their total gas reserves estimate by 121%. In a statement, Origin chairman Kevin McCann claimed that 'based on these recent developments, the board has decided that the revised proposal does not adequately reflect the greater value that will be available to shareholders by not accepting this proposal'.