MALLESONS STEPHEN Jaques has revealed it is currently acting for British Gas (BG) Group in the proposed acquisition of Origin Energy limited.
Origin, represented by Clayton Utz is still yet to formally consider the proposal. With discussions between the parties in progress, shareholders are expected to soon be advised on the outcome of the talks.
The proposed plan could see BG group spend $13 billion in cash to take over the energy giant, with $14.70 offered per share.
BG, one of the globe’s largest providers of natural gas, said in a statement it intends to use existing cash reserves and debt financing provided by a syndicate of banks in order to meet the price.
Tim Bednall is leading Mallesons’ role in the proposal, as partner in charge representing BG Group.