TCW Group offers 812 mln aud for Queensland Gas Corp |
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Published
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Wed, 28 Feb 2007 03:09
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SYDNEY (XFN-ASIA) - Los Angeles-based investment firm TCW Group said it is making a takeover offer of 812 mln aud for coal seam gas producer Queensland Gas Corp (QGC) Ltd.The offer of 1.51 aud per QGC share can be taken up by shareholders in cash, preference shares or a combination of both.TCW said the offer represents a five pct premium to the AGL Energy Ltd's placement of 1.44 aud and a 11 pct premium to yesterday's closing share price of 1.36 aud.In early December AGL, Australia's largest energy retailer, agreed to pay up to 292 mln aud for a 27.5 pct stake in QGC via a share placement which was then proposed to be increased to 30 pct in late January.Meanwhile, last week the Australian Competition and Consumer Commission (ACCC) rejected 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.TCW chief executive Blair Thomas said his firm's offer is clearly superior to AGL's proposal and allows QGC's shareholders to participate in a full buyback unlike AGL's limited option.'In addition to the development of QGC's reserves we will seek to address existing infrastructure bottlenecks that inhibit efficient development of Eastern Australian gas markets,' Thomas said.TCW's offer is subject to a minimum 50.1 pct acceptance and termination of the subscription agreement between AGL and QGC.(1 usd = 1.27 aud)paul.daniel@xfn.com
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Australian regulator blocks Santos' 710 mln aud offer for Queensland Gas assets 