UK energy firm BG Group, according to media reports, has offered almost 13bn Australian dollars ($12.1bn or £6.2bn) for Australia’s second biggest power retailer, Origin Energy. Analysts state that the Australian firm is attractive to BG owing to its valuable oil and gas production resources. These will certainly help it boost profit levels, especially at a time when margins in the traditional retail business are rather tight, observers point out.
BG has also announced a 78 per cent jump in profits for the first three months of the year 2008. The earnings were boosted by high oil and gas prices. Net profit for the quarter increased to £767m, smartly beating analysts’ forecasts. On Tuesday, oil giant Royal Dutch Shell had reported a 12 per cent rise in its first-quarter profits, whereas those at rival BP climbed 48 per cent. Shares in Origin jumped by almost 40 per cent on news of the offer! The Australian firm stated that it was yet to consider the bid. However, analysts stated it was unlikely that any other company would come up with a rival bid.
Horse Floats For Sale