Australian regulator blocks Santos' 710 mln aud offer for Queensland Gas assets |
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Published
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Tue, 20 Feb 2007 07:23
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SYDNEY (XFN-ASIA) - The Australian Competition and Consumer Commission (ACCC) said it will oppose Santos Ltd's 710 mln aud offer for Queensland Gas Corp Ltd's (QGC) coal seam gas assets, saying it will lessen competition for the supply of wholesale gas, particularly in the southern region of the state of Queensland.The regulator said it is not satisfied undertakings provided by Santos will overcome its competition concerns.Last month Santos modified its offer from a straight cash offer to an offer of 1.30 aud per share in cash, in return for QGC's Undulla Nose coal seam gas assets in south-east Queensland.In addition, under the revised offer QGC shareholders were to have received shares on a one-for-one basis in a 'New QGC' that would own a number of QGC's existing highly prospective exploration properties.The regulator last month allowed Australia's largest energy retailer, AGL Energy Ltd, to buy a 27.5 pct in QGC via a share placement priced at 1.44 aud a share.(1 usd = 1.27 aud)bruce.hextall@xfn.com
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Australia's Santos increases offer for QGC to 1.80 aud a share 