The UK’s BG Group has taken control of 52% of Australian coalbed methane leader Queensland Gas Company (QGC) as it pursues a friendly on-market takeover bid for the company.
QGC said in a statement that BG had taken majority control of the company after shareholders representing 495 million of its issued shares accepted the offer. BG Group is offering A$5.75 per share in an all cash offer for QGC valued at A$5.2 billion (US$3.5 million). QGC said the offer represented an 80% premium to its last-traded share price prior to announcement of the offer. BG’s board has unanimously recommended its shareholders accept the offer. BG and QGC are already partners in a plan to develop a CBM-fed liquefied natural gas project on the Queensland coast, targeting exports to Asian markets. As part of the deal, BG already holds a stake in QGC’s Queensland CBM fields. The takeover is the latest step in the rapid consolidation of the Australian CBM sector, and follows a failed bid by BG to take over integrated group Origin Energy.
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