Engineering News by You :: British gas lands $13bn knockout

Login to EngCom

News Categories

Engineering Drawingboard [Home]Business and Financial Chemical & Process Civil and Structural CMMS Design and CAD Did You Know Electrical & Process Control Environmental and Life Cycle Health & Safety Manufacturing/Production Mechanical Mining, Oil & Gas Military and Defence Process Improvement Transport Warehousing & Distribution Ryan's Ramblings

Syndicate

Save This Page

Interesting engineering news and general interest to get you through the week.

British gas lands $13bn knockout

Clipped to the Drawing Board by Yan Chu

INTERNATIONAL investors and analysts gave a solid reception yesterday to BG Group's stunning plan to spend almost $13 billion in cash to take over major oil, gas and electricity concern Origin Energy.

"It's a very substantial premium when you look at current market conditions" that have already placed a high value on Origin shares, according to Campbell McComb, a fund manager at Armytage Private, which holds Origin shares.

"They have come in with a pretty big cash offer and in this market most people I think would be happy to accept a cash offer on these terms." A shock pre-trading announcement in Australia said BG Group had told Origin it was proposing to offer $14.70 a share for all of Origin's shares, a premium of almost 40 per cent to the previous close of $10.47.

If it goes ahead, the proposal will be the biggest ever in Australia's resources sector ahead of the $10 billion Shell bid for control of Woodside in 2001, which was controversially blocked on national interest grounds by the then Federal treasurer Peter Costello.
....click the link to read more

Start a conversation

Add New

RSS

Thursday 1 May, 2008 06:15 PM

< Prev		Next >

[ Back ]

Midweek Trivia

Get this weeks Midweek Trivia!!

(1^st October)

and challenge your workmates.

Find out who knows the most useless trivia.

Others in this Category

The safest places to work during the recession French ONET buys UK’s nuclear engineer Gravatom A Rust Belt Oasis, the University of Michigan Is Spending Billions to Grow Architectural and Engineering Employment becomes More Cautious At hub of the oil and gas sector

Your Ad Here

"A good scientist is a person with original ideas. A good engineer is a person who makes a design that works with as few original ideas as possible" - Freeman Dyson