Feb. 27 (Bloomberg) — BG Group Plc, the U.K.s third- biggest gas company, raised its offer for Pure Energy Resources Ltd. by 3.1 percent to A$1.03 billion ($667 million), making it conditional on getting 90 percent of the stock.
BGs increased offer of A$8.25 a share is final in the absence of a higher bid, the Reading, U.K.-based company said today in a statement to the Australian stock exchange. The move further boosts BGs offer above a rival cash and stock bid by Arrow Energy Ltd., Royal Dutch Shell Plcs Australian partner in coal-seam gas.
BG, Shell and Arrow are seeking more reserves to feed proposed liquefied natural gas projects in Queensland that may meet rising demand in north Asia for cleaner-burning fuels. Brisbane-based Pures Independent directors and two key shareholders yesterday said they accepted BGs offer, taking BGs interest in the target to about 29 percent, while Arrow has 20.2 percent and Shell about 11.2 percent.
The latest offer from BG is 10 Australian cents higher than Pures closing price of A$8.15 in Sydney yesterday. Pure had been trading above all the offer prices since they were made.
Brisbane-based Arrow said yesterday it was still considering all options on the takeover.
To contact the reporter on this story: Angela Macdonald-Smith in Sydney at[email protected]
Last Updated: February 26, 2009 18:20 EST
*This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan - more information here. There is also a Wikipedia segment, the Shell DPA Files, "Shell and the Spies", the Shell Leaks files, the Independent Shell Archive, as well as books written and published by John Donovan - Kindle eBooks. Timeline of the Donovan Shell Feud. Toxic History of Royal Dutch Shell Group. Shell and the Donovans: The Full Media Record — 550+ Articles, 110 Books, 40 Years. *All conjured up by internet wizz, Nick Gill.
