Arrow Accepts Shell / PetroChina Offer  

Posted by Big Gav in , , , ,

The SMH reports that coal seam gas company Arrow Energy has accepted Shell and PetroChina's bid for the company - Arrow backs sweetened bid.

Arrow Energy has recommended its shareholders accept a new, improved joint takeover bid from Royal Dutch Shell and PetroChina.

Shell and PetroChina lifted their offer to $4.70 a share in cash for Arrow's Australian assets plus one share in a new listed entity to be called Dart Energy, which will house the group's Asian exploration assets and some Australian assets, Arrow said this morning. ...

Dart Energy will comprise of 90 per cent of Arrow’s interest in Arrow Energy International, which holds the existing portfolio of international assets in China, India, Vietnam and Indonesia, Arrow said. It will also include come Arrow Energy stakes in companies listed on the Australian Securities Exchange.

Farm-in rights into Apollo Gas’s licences in NSW will also be part of Dart Energy, as will $45 million cash, a $US25 million ($27.3 million) loan facility from Shell and ‘‘co-operation with PetroChina in relation to future coal seam gas opportunities in China’’.

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