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Gas producer BG Group buys 70 pct stake in Pure

Gas producer BG Group buys 70 pct stake in Pure

Gas producer BG Group PLC said Monday it has acquired a 70 percent stake in Australia's Pure Energy Resources Ltd and extended the offer period for its agreed 1.03 billion Australian dollar takeover of the entire company.
BG Group is hoping that Pure's gas assets will supply a planned liquefied natural gas (LNG) export terminal as the company seeks to boost its presence in the lucrative Asian LNG market.
The London-based company announced last month that it would increase its offer price from AUD8.00 to AUD8.25 per share, on the condition that BG Group acquires a relevant interest in 90 percent of Pure's ordinary share capital by the close of the offer period.
The offer period was due to close on Monday, but has been extended until April 6.
Pure's independent directors, who have already accepted the offer in respect of their own shareholdings, have advised shareholders to accept the offer.
BG Group shares rose 1.75 percent to 1,106 pence on the London Stock Exchange.