Camden. AGL ups interest in Sydney Gas

Cashed-up AGL Energy Ltd has increased its stake in its takeover target Sydney Gas Ltd coal seam gas producer (CSG), at Camden, for the third time. Earlier, Sydney Gas agreed to AGL's all-cash $171 million off-market takeover bid. AGL, Australia's largest energy retailer, last month acquired CSG interests from Molopo Australia and AJ Lucas Group. Sydney Gas contributes something less than 4 per cent of NSW’s gas requirements. AGL has paid AJ Lucas and Milopo Australia $370 million for its reserves in the Gloucester Basin, in the Hunter Valley.