BG Group on Wednesday night took a big step towards securing one of Australia’s largest energy companies after lifting the terms of its cash offer for Origin Energy to at least A$13.2bn (US$12.7bn).

The UK oil and gas exploration company last month made an unsolicited A$14.70 a share and cash offer for Origin worth A$12.9bn, but BG has been forced to lift its price in recent days to more than A$15 a share to win a board recommendation.

Barring last-minute hitches, an agreed offer for Origin, Australia’s second-biggest gas and electricity supplier, could be unveiled as early as Thursday. ... Read full article