OIL and gas firm BG Group is reportedly in talks to boost its stake in Australia’s Queensland Gas in preparation for a full bid for the company.
The FTSE 100 firm was said yesterday to be holding final negotiations with Australia’s largest utility company, AGL Energy, over buying its 25% stake in Queensland Gas.
BG recently formed an alliance with Queensland Gas, buying a 20% stake in its coal-seam assets and a 9.9% stake in the firm itself for £299million.
It is thought acquiring AGL’s stake in the group would pave the way for a bid for the whole company, which is worth about £2billion. A full takeover offer could reportedly be tabled as early as today.
The move would come just over a month after BG abandoned its attempt to buy Australian firm Origin Energy. BG declined to comment on the Queensland speculation.