Royal Dutch Shell Plc  .com Rotating Header Image

BG Group Has Majority Control of Pure Energy

THE WALL STREET JOURNAL

MARCH 24, 2009

MELBOURNE — BG Group PLC said Monday it has majority control of its takeover target Pure Energy Resources Ltd., upping its stake to 70% and extending the period of its offer.

The U.K. oil-and-gas company outbid rival bidder Arrow Energy Ltd. to win control of the coal seam gas producer with a 1.03 billion Australian dollars (US$706 million) all-cash offer pitched at A$8.25 a share.

BG said that as a result of it becoming a majority shareholder, its offer period has automatically been extended to April 6.

In a previous bid, BG had offered A$8 cash for each Pure share. Its latest A$8.25-a-share offer is conditional on it acquiring 90% of Pure, so shareholders are guaranteed at least A$8 a share.

Rival bidder Arrow Energy, which is Royal Dutch Shell‘s Australian joint-venture partner, holds about 20% of Pure and hasn’t said whether it will sell its stake into BG’s bid.

Write to Alex Wilson at [email protected]

WSJ ARTICLE

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Comment Rules

  • Please show respect to the opinions of others no matter how seemingly far-fetched.
  • Abusive, foul language, and/or divisive comments may be deleted without notice.
  • Each blog member is allowed limited comments, as displayed above the comment box.
  • Comments must be limited to the number of words displayed above the comment box.
  • Please limit one comment after any comment posted per post.