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.
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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