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BG Lifts Bid for Pure to A$995 Million, Topping Arrow


By Angela Macdonald-Smith

Feb. 17 (Bloomberg) — BG Group Plc, the U.K.’s third- biggest gas producer, raised its offer for Pure Energy Resources Ltd. to A$995 million ($646 million), topping a bid by Arrow Energy Ltd., the Australian partner of Royal Dutch Shell Plc.

BG, based in Reading, England, offered A$8 a share in cash, the company said today in a statement to the Australian stock exchange. That’s 11 percent higher than the cash and stock bid from Arrow, based on yesterday’s closing prices, and 7 percent higher than Pure’s close yesterday of A$7.48.

Shell, Arrow and BG are among companies seeking more coal- seam gas reserves to feed planned liquefied natural gas projects. Australia’s coal-seam gas industry attracted more than A$17 billion in investment last year as producers such as ConocoPhillips and Malaysia’s Petroliam Nasional Bhd. tapped into ventures to meet Asian demand for cleaner fuel.

Australia’s Foreign Investment Review Board has advised it has no objections to the bid from BG, which today said its offer is unconditional.

To contact the reporter on this story: Angela Macdonald-Smith in Sydney at[email protected]

Last Updated: February 16, 2009 18:06 EST

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