PetroChina and Royal Dutch Shell Acquire Arrow Energy
After increasing their offer by 6 percent, PetroChina (NYSE:PTR) and Royal Dutch Shell (NYSE:RDS-B) agreed to acquire Arrow Energy for $3.1 billion.
This is the first entry by a Chinese company into the natural gas trapped in the coal of Queensland, Australia. Arrow owns the coal-seam gas resources reserves in the region.
The price is considered a premium of 35 percent over the original pre-announcement close.
Australian regulators will have to approve the deal, but there's no indication that will be a problem. Shareholders will also have to vote to approve the deal, which was recommended by the board of the company to accept.
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