PERTH: Royal Dutch Shell and PetroChina made a joint bid for Australia’s Arrow Energy in a deal worth at least US$3bil, marking a Chinese firm’s first foray in the country’s burgeoning coal seam gas sector.
Arrow said yesterday that the non-binding, conditional bid from a company jointly owned by Shell and PetroChina would give shareholders A$4.45 in cash per share, plus a share in a new entity comprised of Arrow’s international business.
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