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BG gives up on Origin deal


Published on Wednesday 10 September 2008 09:35

Oil and gas firm BG Group yesterday conceded defeat in its attempt to buy Australian company Origin Energy.

BG will not raise or extend its 6.7bn offer after Origin agreed a deal with ConocoPhillips to spin off its coal-seam gas (CSG) assets.

The deal on Monday saw shares in Origin surge. BG said the price of the new joint venture was higher than it could justify and its offer will now lapse.

Oil and gas producer BG had been eyeing Sydney-based Origin as a route to expanding its presence in the region and bolstering its assets in CSG – meth-ane gas trapped underground in deep coal seams by water.


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