The UK's third largest natural gas producer, BG Group, is still having discussions with Australia’s Origin Energy over its bid for the power retailer.

BG Group approached Origin, Australia's second largest power retailer last week with a proposal to acquire each share in the company for AUD$14.70 in cash.

BG Group said it had already secured the necessary funding commitments from a syndicate of banks, including BNP Paribas, HSBC, Royal Bank of Scotland and Santander.

Origin provides gas and electricity to more than three million homes and businesses across Australia, New Zealand and the Pacific.