ConocoPhillips Signs Deal With Origin, Spelling Defeat For BG Bid

US major ConocoPhillips has announced plans to spend up to AUD9.6bn (US$8bn) for a 50% stake in a coal bed methane (CBM) gas venture with Origin Energy, the Australian energy group that had been fighting a AUD13.8bn hostile takeover bid by BG Group. The offer has forced BG to conceded defeat in its bid for Origin.

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