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Australia's Origin says rejects BG Group bid

Thu Jul 3, 2008 9:04pm EDT

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PERTH, July 4 (Reuters) - Origin Energy Ltd (ORG.AX), Australia's second-largest energy retailer, on Friday advised shareholders to reject a $13.1 billion bid from British gas producer BG Group (BG.L).

BG's bid was launched on June 24 after an earlier attempt at an agreed deal was rejected at the last minute.

Origin also said in a statement it had agreed to buy Babcock and Brown Power's (BBP.AX) 640 megawatt gas-fired Uranquinty Power Station for an enterprise value of A$700 million ($673 million). ($1=A$1.04) (Reporting by Fayen Wong)



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