A consortium comprising Royal Dutch Shell and PetroChina has made a A$3.3 billion $3 billion takeover bid for Australia's Arrow Energy.
Brisbane-based Arrow is an integrated Australian energy company focused on the supply of coal seam gas natural gas trapped in seams of coal throughout eastern Australia and Asia.
The consortium is offering shareholders A$4.45 per share plus one share in a new entity comprising Arrow's international business. Arrow had earlier told shareholders it would spin off the international business through an initial public offering.
Arrow Energy's share price rallied 47% on the Australian Securities Exchange yesterday to A$5.11, after reaching an intraday high of A$5.15, making it likely the buyers will...
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