RNS Number : 1548U
BG GROUP plc
11 May 2008
News
Rele
ase
12 May 2008
FOR IMMEDIATE RELEASE Update on BG Group plc proposal to acquire Origin Energy Limited The following announcement was issued to the New Zealand Exchange at 2300hrs BST (0800hrs
AEST)
On 30 April 2008 BG Group plc ("BG Group") made an announcement to the London Stock
Exchange and Australian Securities Exchange that it
had made a proposal to acquire all of the ordinary shares in Origin Energy Limited ("Origin"),
a company listed on the ASX.
Origin owns 51.36% of the ordinary shares in Contact Energy Limited ("Contact"), a company
listed on the NZX.
BG Group updated the ASX on its proposal to Origin on 09 May 2008. New Zealand Takeovers Panel BG Group made an application to the New Zealand Takeovers Panel (the "NZTP") for an
exemption from rule 6(1) of the New Zealand
Takeovers Code (the "Code") in relation to the proposed upstream acquisition of Origin.
BG Group has been notified by the NZTP that the Panel has decided to grant an exemption
from any requirement to make an immediate
takeover offer for Contact or obtain Contact shareholder approval as a condition of the Origin
transaction. It is a condition of that
exemption that, if the proposed acquisition of Origin is successful, BG Group make a follow-on
offer. The following would apply to any such follow-on offer:
* The NZTP would require BG Group to make a cash bid for Contact within one month of
the offer becoming unconditional; * That bid would have to be at the value per share attributed to Contact by BG Group
in the price payable for Origin shares; * That value would be verified by a NZTP-approved independent expert; and * The bid would be on terms and conditions approved by the NZTP. The conditions would also
include the approval of the New Zealand
Overseas Investment Office ("OIO"). If, at the time of BG Group's successful acquisition of Origin, Origin's shareholding in
Contact is 20% or below, then the Code would
not apply. If the Code were not
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