Arrow Energy shareholders approve takeover by PetroChina, Shell

14 July 2010 12:09  [Source: ICIS news]

SINGAPORE (ICIS news)--Shareholders in Australia's Arrow Energy have approved a takeover of the company by PetroChina and Shell for A$3.5bn ($3.1bn), as well as the demerger of its wholly-owned subsidiary Dart Energy, it said on Wednesday.

CS CSG (Australia) Pty Ltd, a 50:50 joint venture Shell and PetroChina subsidiaries, would acquire all of Arrow Energy's shares at A$4.70 each.

Through the acquisition, the energy majors would have access to Arrow’s coal seam gas (CSG) assets in Queensland, and to the company's power business.

The deal was still subject to approval by the Federal Court of Australia, Arrow said in a statement.

Based on the company's timetable, the acquisition would be effective on 30 July - the last day that Arrow shares would be traded on the Australian Stock Exchange (ASX).

Meanwhile, Dart Energy would be listed on the ASX on 22 July.

($1 = A$0.88)

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By: Pearl Bantillo
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