Shell and PetroChina bid AUD3.3bn for Arrow Energy
Australia’s coal gas company Arrow Energy has received a takeover offer valued at around AUD3.3bn (US$3bn) from a firm owned by Royal Dutch Shell and PetroChina.
Shell confirmed that it was in talks to buy Brisbane-based Arrow, with the exception of its international business, in which it already owns a small stake.
For PetroChina, it would be the first stake in the coalbed methane sector in Australia. The sector has attracted enormous investments in recent years with companies such as ConocoPhillips, BG Group and Shell.
Arrow claims to have the largest coal seam gas reserves in Queensland state. Shares in the firm surged more than 40 per cent to AUD4.98. (New York Times)
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