LONDON (AFP) — British oil and gas giant BG Group said Friday that it was "surprised" after Australia's Origin Energy rejected its bid worth 13.6 billion Australian dollars (13 billion US dollars, 8.4 billion euros).
BG Group said it was assessing its next move after Origin turned down the improved takeover offer of 15.50 Australian dollars per share.
The second-largest energy retailer in Australia said earlier that the bid did not reflect its true value after a key upgrade to gas reserves in the northeastern Australian state of Queensland.
BG responded that Origin had been on the verge of agreeing to a friendly takeover.
"Until yesterday (Thursday), negotiating teams from the two companies were actively engaged in putting the final touches to the agreement governing the transaction," the British firm said on Friday.
"BG Group was therefore surprised to learn, earlier today, that Origin had broken off discussions."
It added that the upgrade to gas reserves in Queensland was "unrealistic" and did not alter the value of Origin.
"In the light of these developments, BG Group is now considering its options," the company concluded.
BG had offered 14.70 Australian dollars per share for Origin Energy at the end of April.
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