* S&P/ASX up less than 1 point to close at 4,767.8 * Origin jumps 1.8 pct on state power deal, rival AGL falls * Billabong rocked by profit warning * Crane surges on bid from Fletcher Building (Adds dealer comment) By Sonali Paul MELBOURNE, Dec 15 (Reuters) - Australian shares closed barely changed on Wednesday, with losses in the top miners offset by utilities, Westpac Banking Corp and top grocer Woolworths . The top miners gave up gains from the previous session, following a month in which they have outperformed the market, while defensives, which have lagged the market, picked up steam, helped in part by the Aussie dollar moving back toward parity with the U.S. dollar. "You're starting to see some of the negative concern that was previously there around Chinese inflation, euro debt problems and the unsettled relationship on the Korean border has just faded away," said Jamie Spiteri, senior dealer at Shaw Stockbroking. Woolworths and top telecommunications company Telstra Corp climbed 1.1 percent, while Westpac rose 0.3 percent. On the negative side, global miner Rio Tinto fell 1 percent after announcing it would spend more than $1 billion on two of its Canadian aluminium smelters, while BHP Billiton ended down 0.7 percent. [ID:nN14271455] Origin Energy outpaced the market, jumping 1.8 percent after buying power assets in Australia's most populous state for A$3.25 billion in a deal that it said would boost earnings per share materially in the first year. Rival AGL Energy , which was the surprise loser in the bid, fell 1.1 percent, adding to a 4.9 percent fall the previous day, even after it defended its decision not to pay up for one of the state's two smaller energy retailers. "I've got no regrets whatsoever. I'm absolutely convinced that we've done the right thing for our shareholders," AGL Chief Executive Michael Fraser said. The benchmark S&P/ASX 200 index picked up less than 1 point to close at 4,767.8, according to the latest data. New Zealand's NZX-50 index gained 9 points, or 0.3 percent, to close at 3,297.9. Crane Group surged 23 percent to A$9.40 after New Zealand's Fletcher Building Ltd made a takeover offer for the plubming and building supplies firm. [ID:nL3E6NE1XB] Fletcher Building's Australian shares fell 1.9 percent to A$5.81, valuing its cash and shares offer at A$9.24, just slightly below Crane's closing price. Surf wear retailer Billabong was the biggest loser, dropping 8.9 percent to close at A$8.10 after cutting its profit forecasts. Its new forecast for a flat full year profit was in line with analysts' forecasts, according to Thomson Reuters I/B/E/S. "This type of profit warning is not a positive at all. But you've got to view it in the context of a broadly weak retail environment in Australia," said Colin Whitehead, analyst at independent research house Fat Prophets. (Reporting by Sonali Paul; Editing by Ed Davies) DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Australia diary Wall Street Week Ahead Eurostocks Week Ahead ................................................................ For latest top breaking news across all markets ................................................................ TOP NEWS SUMMARIES ON OTHER SUBJECTS | U.S. Companies | European Companies | | Forex | Global Economy | | Tech.Media,Telecoms | Banking, Financials | | Politics & General | Sports | ................................................................ MAJOR STOCK MARKET REPORTS New York Weekly outlook New York Pan-Europe Weekly outlook Europe London Weekly outlook London Tokyo ................................................................ ASIA STOCK MARKETS Pan-Asia...................... Bangkok...... Karachi........ S/east Asia. Bombay....... Kuala Lumpur... Sydney/NZ... China........ Seoul.......... Taipei...... Hong Kong.... Singapore...... Tokyo........ ................................................................ Access to some items may depend on subscription level. ................................................................ UP-TO-THE-MINUTE HEADLINES Company results Economic indicators Mergers & acquisitions Interest rates LIVE PRICES & DATA World Stocks <0#.INDEX> Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt <0#USBMK=> HOW TO FIND INFORMATION YOU NEED | | | | | | | | | |

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