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BG Group Has Majority Control of Pure Energy


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]

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