BG pounces on Aussie energy retailer
BG Group has made an unsolicited $A12.9bn takeover bid for Aussie energy retailer Origin
Origin, the top player in Australia’s fast-growing coal-seam gas sector, said
the British gas major had made an approach to acquire its shares for $A14.70 in
cash – a 40% premium to the closing price on Tuesday, according to The
Frank Chapman, BG chief executive, signaled his company’s intentions last
month on a visit to Australia, saying the company had for some time been looking
for ‘a source of equity supply in the Asia-Pacific basin’.
Origin has already been a takeover target. Last year it knocked back a
proposed $A14bn merger with AGL Energy, Australia’s biggest power retailer,
saying the offer had ‘little upside’.