BG Group says Origin takeover bid is 'fair value'

0 Comments | AFP, August, 2008

LONDON (AFP) — British oil and gas giant BG Group said Tuesday that its 12.0-billion-US-dollar (8.2-billion-euro) hostile takeover bid for Australia's Origin Energy represented "full and fair value."

Origin had earlier urged its shareholders to reject the offer, worth 13.8 billion Australian dollars, arguing that it had undervalued the company and its prospects.

"Origin has rejected BG Group's offer but has comprehensively failed to justify its position," BG chief executive Frank Chapman said in a statement.

"We remain confident that our offer represents full and fair value for Origin's shareholders."

He added that the Australian firm had supplied no "forecast or other financial information which could assist shareholders in valuing the company and...