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BG takes majority control of Pure Energy

BG Group took majority control of Pure Energy Resources, raising its stake in the coal seam gas producer to 70pc under its agreed A$1.03bn (£478m) cash offer.

 By Telegraph Staff

The UK oil and gas company outbid rival bidder Arrow Energy with a raised A$8.25-a-share takeover offer in February.

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

Originally BG had offered A$8-a-share cash for Pure but raised its offer to A$8.25. The offer is conditional on it acquiring 90pc of Pure.

Pure shareholders will get A$8.00 a share within 5 business days of the receipt by BG of a valid acceptance and an additional payment of A$0.25 a share when acceptances reach 90pc.

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

BG became the firm favorite to take control of Pure early in March when Shell said it would surrender its 11pc stake in Pure to BG bid.

BG, along with Shell, Arrow and others, is planning to build one of five liquefied natural gas processing plants at Gladstone in Queensland state.

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