Origin Energy on Tuesday urged shareholders to reject a A$13.8bn hostile bid made by the UK’s BG Group for the Australian energy company, saying that a tie-up with another partner to extract fuel reserves might offer better value for money.

Grant King, Origin’s managing director, told reporters that the company had drawn up a shortlist of international energy companies with whom it is discussing tie-up options as an alternative to BG’s A$15.50 a share bid, but declined to name the interested parties.