BG in bid for Pure
GAS producer BG Group yesterday stepped into the bidding battle for control of Pure Energy by trumping an offer from a rival.
The FTSE 100 company tabled a £360million bid for the Sydney-based company, almost a fifth higher than Arrow Energy’s offer.
But Arrow, which holds a 20 per cent stake in Pure, could make a counterbid, said analysts.
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BG has bought a 10 per cent stake in the target company. It marks BG’s third takeover move in Australia where it is keen to expand its liquefied natural gas (LNG) business supplying customers in the Far East.
BG also bought Queensland Gas last year for £2.2billion after losing out to US rival ConocoPhillips in the £6billion bidding for Origin Energy.
It is building a massive LNG terminal in the port of Gladstone.