BG Group Snags 90% Interest in Queensland Gas Co.
BG Group announced that its wholly-owned subsidiary BG International (AUS) Investments Pty Limited has at the close of trading on the Australian Securities Exchange on Friday, November 14, acquired a relevant interest in more than 90% of Queensland Gas Company Limited, under its unconditional on-market takeover bid for QGC.
BG AUS intends to compulsorily acquire the remaining QGC shares, but does not intend to commence the compulsory acquisition process until later in the offer period, which will expire on December 15, 2008, unless extended.
QGC shareholders should be aware that trading will be suspended in QGC shares five business days after a compulsory acquisition notice is sent by BG AUS.
This will mean that, if shareholders have not sold their shares into the bid by that time, BG AUS would not be able to purchase further shares on market under the bid and pay for those shares within three business days.
Instead, remaining shareholders would have to wait at least one month to be paid under the compulsory acquisition process.
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Company: Queensland Gas Co. more info
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