BG GROUP has taken a further step towards buying Australian coal-seam gas producer Pure Energy Resources for about £480million after rival bidder Arrow Energy, of Australia, decided to let its offer lapse.
Arrow said yesterday it would not proceed with the compulsory acquisition of the shares it does not own in Pure.
It had built up a stake of 20.31% in the firm.
BG has received about 45% acceptance for its offer, including from Shell in respect of its 11.3% of Pure, and has declared its offer final in the absence of a superior deal.
The UK firm wants Pure’s coal-seam gas assets in Queensland to boost gas reserves and help underpin liquefied natural gas production and export facilities it plans to build.