Australian energy retailer gets 12 billion dollar takeover offer
AFP, April, 2008
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SYDNEY (AFP) — Australia's second-largest energy retailer, Origin Energy Ltd, said Wednesday it had received a 12.9 billion dollar (12.05 billion US) takeover proposal from UK-based BG Group.
BG Group, a global integrated gas major, had offered 14.70 dollars a share, Origin said in a statement.
"Origin has not yet considered the proposal. Discussions between the parties will take place and shareholders will be advised of the outcome," the company said.
Origin cautioned that the discussions may not lead to an agreed transaction and advised shareholders to take no action until further announcements.
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Origin shares soared after the announcement, jumping 36.6 percent to 14.30 dollars by 12:20 pm (0220 GMT).
The offer represented a 40.4 percent premium to Origin's closing price of 10.47 on Tuesday.
BG, one of the world's most active liquefied natural gas traders, is the ...
