BG wants Pure Energy

News

UK oil and gas company, BG Group, has launched a A$796m (£360m) takeover bid for Australian coal gas seam group, Pure Energy Resources.

The all-cash offer is worth A$6.40 per share and trumps a previous A$5.39 offer announced by Arrow Energy in December.

The Reading-based group said that it has acquired an interest in around 10 per cent of Pure shares from a range of shareholders. Arrow’s offer is subject to a 90 per cent minimum acceptance condition. BG Group said it won’t accept the Arrow offer as it does not intend to own shares in Arrow.

David Maxwell, senior vice president of QGC, a BG Group business, said: ‘BG Group is offering Pure shareholders a significant premium to the Arrow offer. Our offer conveys full and fair value to Pure shareholders for assets that complement QGC's acreage. Importantly, our offer is all cash and is subject to minimal conditions.’

Register now to continue reading

Thanks for visiting The Engineer. You’ve now reached your monthly limit of news stories. Register for free to unlock unlimited access to all of our news coverage, as well as premium content including opinion, in-depth features and special reports.  

Benefits of registering

  • In-depth insights and coverage of key emerging trends

  • Unrestricted access to special reports throughout the year

  • Daily technology news delivered straight to your inbox

Register
Or continue by

Signing in with your registered email address