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BG takes control of QGC with AGL's stake

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November 05, 2008

AGL Energy, Australia's largest power retailer, has sold its entire stake in Queensland Gas Company to BG Group for $1.2 billion.

BG Group is offering $5.75 cash for each QGC share it doesn't already own, valuing the company - its partner in a proposed liquefied natural gas (LNG) development in Queensland - at $5.6 billion.

The power retailer today confirmed it had sold its holding of 204.6 million shares on-market at $5.75 per share.

“We understand that all of the shares have been purchased by BG Group Plc,” AGL said in a statement.

UK-based BG Group Plc has taken control of QGC after obtaining 52.1 per cent of the company through its offer $4.88 billion takeover offer, which closes on December 15.

Increasing energy demand has seen the entry of a number of large international players into the Australian coal seam gas sector seeking to develop LNG projects for export to lucrative Asian markets.

http://www.theaustralian.news.com.au/business/story/0,28124,24605522-36418,00.html