PetroChina-Shell increase bid for Australia's Arrow to $3.1 billion

PetroChina and Shell increase their offer for Australian coal-seam gas company Arrow Energy to $3.1 billion and sweeten the assets they are leaving behind to secure the backing of the Arrow board.

A consortium made up of PetroChina and Shell has gained the backing of the board of Australian energy company Arrow Energy for a takeover, with an increased bid of $3.1 billion. The bidders will also leave more assets on the table for the seller.

On a per share basis the buyers are now offering A$4.70 $4.29 per share, up 5.6% from their earlier offer of A$4.45. The price represents a premium of 35% to both the last closing price of Arrow and the one month volume-weighted average price before the original bid was announced on March 8.

Shareholders of coal-seam gas company Arrow are also being offered one share each in Dart Energy, a...

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