BG Group executives sent to Australia to seal the gas group's takeover of Origin Energy left empty-handed yesterday after the Australian energy group had an 11th-hour change of heart and rejected the £6.6bn bid.

Origin's refusal came as a surprise to BG, which had expected an approval after improving a previous $14.70-per-share offer to $15.50 per share. "Until yesterday, negotiating teams from the two companies were actively engaged in putting the final touches to the agreement governing the transaction," the company said. "BG was therefore surprised to learn, earlier today, that Origin had broken off discussions."

BG has not withdrawn its offer and it is "considering its options". ... Read full article