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Australian energy retailer gets $12b takeover offer

AFP, Sydney
Australia's second-largest energy retailer, Origin Energy Ltd, said Wednesday it had received a 12.9 billion dollar (12.05 billion US) takeover proposal from UK-based BG Group.
BG Group, a global integrated gas major, had offered 14.70 dollars a share, Origin said in a statement.
"Origin has not yet considered the proposal. Discussions between the parties will take place and shareholders will be advised of the outcome," the companysaid.
Origin cautioned that the discussions may not lead to an agreed transaction and advised shareholders to take no action until further announcements.
Origin shares soared after the announcement, jumping 36.6 percent to 14.30 dollars by 12:20 pm (0220 GMT).
The offer represented a 40.4 percent premium to Origin's closing price of 10.47 on Tuesday.
BG, one of the world's most active liquefied natural gas traders, is the UK’s third-iargest natural gas producer. n
The company has beenpj active in Australia this year, striking an agreement with coal seam gas producer Queensland Gas Company Ltd to build an 8.0 billion dollar
LNG plant in the northeastern state of Queensland.
Origin in recent years has moved to gain the number one position in the fast-growing Australian coal seam gas sector. The company currently has 4,578 petajoules of coal seam methane in proven, probable and possible (3P) reserves and potentially double this in nearby acreages.
Citigroup on Tuesday upgraded its recommendation on Origin to "buy" from "neu tral" and put a 12-month price I target of 11.80 on the stock.
"Origin's fuel integrated strategy has set the company in prime position against the backdrop of rising electricity and gas prices," Citigroup said in a research report.
The group had strong near , term earnings momentum, as j well as a solid growth outlook further into the future, largely owing to the considerable investment in organic growth, with capital expenditure peak ing at 1.7 billion in the year to June 2009, it said.
Origin's Queensland coal seam gas reserves provide it with the potential to partici pate in an LNG supply project and benefit from higher gas prices through its retail and generation businesses, it said.
“Their downside is limited, due to their electricity and gas channels to market," the ' research report said.