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QGC, QUEENSLAND GAS COMPANY LIMITED
danc
post Posted: Oct 27 2008, 02:16 PM
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Did QGC buy another 9mlD worth of shares in VPE today.. frm ODIN Energy?? any opinions..QGC currently holds 20 % in VPE i think??

 
veeone
post Posted: Oct 27 2008, 08:20 AM
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BRITISH gas giant BG Group's $5.3 billion bid for Queensland Gas Company could be unveiled today if the Foreign Investment Review Board gives an early nod to the deal.
While FIRB approval should not be an issue, BG chief executive Frank Chapman is understood to be keen to launch an unconditional cash bid to minimise delays that occurred in his failed $13.7 billion bid for Origin Energy earlier this year.
BG's offer for Origin, one of a flurry of moves as majors continue to scramble for Queensland's coal seam gas, was made subject to FIRB approval, which was later obtained.
BG is looking to buy its coal seam gas partner QGC for around $5.80 a share to secure reserves for its planned LNG export plant at Gladstone in central Queensland.
QGC and major shareholder AGL Energy, which has been looking to sell its 24.9 per cent stake in QGC, are in trading halts ahead of the transaction being announced.
BG already owns 9 per cent of of QGC, whose chief executive Richard Cottee has been on a buying spree recently, bidding for Queensland gas companies Sunshine Gas and Roma Petroleum.
Mr Chapman is understood to be prepared to proceed with the bid even if AGL has not agreed to terms.
AGL, which bought its stake in QGC in 2006, will want access to domestic gas supply.
The impending offer, which has not been confirmed by any parties involved, drew praise from British analysts, who had questioned the amount that Mr Chapman had been prepared to pay for Origin.
"If BG goes ahead with an offer, and if successful, our maths strongly suggests that BG was right to walk away from the over-priced Origin deal while QGC offers almost the same reserves potential but at a fraction of the price," said Evolution Securities analyst Richard Griffith.
Despite being viewed by some as high, BG's Origin offer was blown out of the water by US oil major ConocoPhillips, which agreed to pay up to $9.6 billion for half of Origin's CSG reserves.
The strength of the desire of majors to enter the sector amid the current market turmoil will be tested by the bid, with the possibility BG could again be trumped.
BP, which is not in the region, and Shell, which has a 30 per cent stake in Arrow Energy's much smaller reserves, were thought to have been interested in Origin's gas before Conoco got its hands on it.
There was a shortlist of three or four parties from which Conoco was selected, meaning there are still big players with LNG experience looking for gas reserves.
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JMH03
post Posted: Oct 24 2008, 02:24 PM
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This from the Australian website? $6.30?? buy AOE?

BRITAIN'S gas giant BG Group is set to launch a full bid for Queensland Gas after buying AGL's shares in the company.

BG has increased its stake in Queensland Gas to 36 per cent.

Both Queensland Gas and AGL were in trading halts this morning pending news on what was called a material transaction, which was understood to be the sale of AGL’s shares to BG.

BG was rebuffed earlier this year when it tried to buy Origin Energy for $15.50 a share.

The price of the Queensland Gas offer is about $6.30 a share, valuing the company at around $5.7 billion or nearly double its current share price.

That equates to a sale price of about $1.3 billion for AGL’s 204 million shares.

JPMorgan is helping BG on the transaction.

To read John Durie's column, click on BG set to bid for QGC.


 
veeone
post Posted: Oct 24 2008, 02:21 PM
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Less than two months after abandoning a $13.8 billion hostile tilt at Origin Energy, Britain's BG Group is poised to launch a $3 billion-plus friendly bid for its joint venture partner, Queensland Gas.

QGC and its largest shareholder, AGL Energy, this morning entered trading halts to discuss the details of the proposed deal.

The Herald understands a merger agreement could be announced as early as Monday. The deal would involve AGL agreeing to sell it 25 per cent stake in QGC to BG. In return, AGL would be granted the right to domestic gas supplies.

Last month, Credit Suisse analyst Sandra McCullagh said it would make sense for AGL to swap its equity stake in QGC for a deal under which it would purchase a sizeable amount of gas associated with the ramp-up of the $8 billion proposed liquefied natural gas joint venture between BG and QGC.

QGC recently moved to increase its available domestic gas supplies through a $895 million friendly takeover of Sunshine Gas. It has a 79% stake in Sunshine, which entered a trading halt yesterday alongside another QGC takeover target, Roma Petroleum
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veeone
post Posted: Oct 24 2008, 10:11 AM
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Just In
AGL signals major deal
October 24, 2008 - 11:03AM
Australia's largest energy retailer, AGL Energy, is in talks over a potential tie-up.
It made the comment in calling a trading halt in its shares until Tuesday, but didn't say with whom the talks are being held.
Also today, Queensland Gas Co called a halt to trading in its shares until Tuesday, adding that it was in talks with an undisclosed party on a material transaction.
AGL already holds a 24.9% stake in Queensland Gas and analysts say it would make sense for the retailer to expand that stake.
Credit Suisse said in a research note from late September both companies stand to profit from a deal. "Queensland Gas could benefit by removing AGL from its share register and board and negotiating a deal whwereby AGL takes a sizeable portion of ramp-up gas, reducing the risk of placing this gas at uncertain prices,'' the analysts wrote.
AGL on the other hand could get control of coal seam gas fields in attractive areas. "AGL needs control of gas fields to provide gas for domestic growth opportunities,'' Credit Suisse said.
QGC has a joint venture with BG Group to commercialise its coal seam gas resources through a liquefied natural gas development on the Queensland coast.
AGL shares last traded at $13.40, while Queensland Gas traded at $3.20.
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mme
post Posted: Oct 24 2008, 10:01 AM
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Yes look at PES today!! Makes me very happy as I still have a heap. biggrin.gif

 

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veeone
post Posted: Oct 24 2008, 09:50 AM
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In reply to: mme on Friday 24/10/08 09:35am

yep pretty much the same eh!!!
Question is what are they up too.
Making another run at them or working on something together?
May be very interesting for the gas sector next week i would say.
Qgc has done all the hard yards securing more reserves with acquisitions only to have someone else come in after it's more or less dusted and take the easy way??
Might be off track but it hopefully will be good for the sector in general.
Keep watching
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mme
post Posted: Oct 24 2008, 09:35 AM
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Look at AGK halt info. I would suggest it's linked to them. biggrin.gif

 
veeone
post Posted: Oct 24 2008, 09:30 AM
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In reply to: mme on Friday 24/10/08 09:22am

Extremely interesting that is mme!!!
As if QGC hasn't got enough on the go at the moment.
Says discussions regarding a material transaction so i wonder what??
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mme
post Posted: Oct 24 2008, 09:22 AM
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In reply to: mme on Friday 24/10/08 08:56am

AGK looks like the link!!! biggrin.gif

 
 


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