AGL cleans up in QGC takeover

IN WHAT seems set to be a successful and swiftly concluded friendly takeover, Britain's BG Group has now sewn up more than 70% of Queensland Gas Company's shares unless a better offer materialises soon. But only a few days ago, AGL Energy was QGC's largest shareholder.

AGL bought its equity in QGC for $1.44 per share almost two years ago, largely as a means of preventing a Santos takeover of QGC. After some dilutions, the stake is now 22%.