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Sharewatch: BG Group

Times Online
The Sunday Times
August 10, 2008

Sharewatch: BG Group

IT was a red-letter week for BG Group, which announced a “material” discovery off Brazil, where it has been drilling for oil and gas in the Santos basin. BG has a 25% stake in a consortium led by Petrobras, the Brazilian oil giant, which has made several significant finds in a long-running exploration programme.

The news perked up the shares, but investors would be even more cheered by positive news from Australia, where BG is stalking Origin, a gas business.

BG has made a £6.4 billion hostile bid but may face competition. Last week Origin confirmed it had received other approaches, with likely suitors said to be oil giants Royal Dutch Shell and BP. Analysts speculate BG may raise its offer to clinch the deal.

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