AGL Energy Ltd., St. Leonards, Australia, (Australia: AGK) plans to acquire a 27.5% stake in Queensland Gas Co. Ltd., Brisbane, Australia, (Australia: QGC) for up to US$228.8 million (A$292 million) to block a hostile takeover bid by Santos CSG Pty Ltd., a subsidiary of Santos Ltd., Adelaide, Australia (Nasdaq: STOSY, Australia: STO). Santos has offered to acquire Queensland Gas for A$1.26 per share in a deal valued at US$451.5 million (A$606 million). Queensland chairman Bob Bryan rejected the bid as "opportunistic and patently inadequate" at just 15% more than the Queensland share price. Queensland has accepted the AGL offer, and AGL has agreed not to acquire more than 30% of the company for two years.
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