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Bow and Arrow deal
Source: Bloomberg News |
September 27, 2011, Tuesday
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Print Edition
Print Edition
ARROW Energy, owned by Royal Dutch Shell and PetroChina, has agreed to buy Bow Energy after sweetening its offer to A$535 million (US$516 million), gaining resources for a natural gas project in Australia.
The coal-seam gas explorer and producer in Queensland state increased its cash offer to A$1.52 a share from A$1.48, 72 percent more than the stock's price of 88.5 cents in Sydney trading before Arrow made its initial offer on August 22.
Arrow plans the fourth liquefied natural gas venture in Queensland to meet rising Asian demand for the fuel, following approvals for more than US$50 billion in developments led by BG, Santos and ConocoPhillips.
The coal-seam gas explorer and producer in Queensland state increased its cash offer to A$1.52 a share from A$1.48, 72 percent more than the stock's price of 88.5 cents in Sydney trading before Arrow made its initial offer on August 22.
Arrow plans the fourth liquefied natural gas venture in Queensland to meet rising Asian demand for the fuel, following approvals for more than US$50 billion in developments led by BG, Santos and ConocoPhillips.
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