London, United Kingdom
TODAY
|
Showers Min 11°C Max 16°C |
|
THU
|
Showers Min 6°C Max 13°C |
FRI
|
Mostly Sunny Min 6°C Max 14°C |
Change Location
 Latest News : Top Story Money |
Origin dismisses BG ｣6.7bn offer Australian energy group Origin Energy has told shareholders to reject a £6.7 billion bid from the UK's BG Group. The board of Origin Energy now intends to recommend that shareholders reject BG’s bid of AU$15.50 cash per share. Origin chairman Kevin McCann said the offer did not take into account a continued strong interest in the coal seam gas (CSG) and the sudden hikes in oil prices. The firm has recently received a report highlighting a significant increase in reserves and contingent resources. Furthermore, Mr McCann stated a recent acquisition of a gas-fired power station for AU$700 million "creates significant value for shareholders". However, BG has claimed Origin is over-egging their CSG position. BG Group chief executive Frank Chapman said: "It remains the case that Origin must spend a significant amount of time and money to prove up its CSG potential. Origin continues to lag its competitors in the exploration and appraisal of its CSG acreage." He added: "Our offer is not focused solely on Origin's coal seam gas resources. We wish to retain and invest in all of Origin's businesses in Australia - from gas resources and power generation through to retail gas and electricity marketing." At 10:30, the BG Group share price fell 0.90 per cent to 1207p.  04 July 2008, 09:24 |
Search MSN for Money News
Ask about Money News
About Us |
Advertising |
Premium Partners |
Disclaimer |
Privacy Policy |
Email Us |
Jobs |
Add Your Site |
FAQ |
FlightsNetwork |
Flights |
High Interest Saving Accounts |
TV Guide |
Car Credit | Earth for Energy | Free Advertising | Mortgage Calculator | Hotels in Krakow
Car Credit | Earth for Energy | Free Advertising | Mortgage Calculator | Hotels in Krakow
© UK Net Guide 2000-2008. All Rights Reserved.