PetroChina, Shell Energy bid for Bow Energy
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China.org.cn, August 23, 2011
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Arrow Energy was acquired for A$3.4 billion last August by subsidiaries of PetroChina Co. and Royal Dutch Shell Plc. |
Arrow Energy Ltd., jointly owned by Royal Dutch Shell Plc and PetroChina Co., has made a preliminary offer to buy Australian coal seam gas explorer Bow Energy Ltd. for A$520 million, Bow announced Monday.
Brisbane-based Bow said Monday it received an initial cash offer of A$1.48 a share from Arrow Energy, which wants more resources for a proposed liquefied natural gas project in Australia.
Bow shares rose 60 percent on news of the bid to close at A$1.42 Monday afternoon.
Arrow Energy was acquired for A$3.4 billion last August by subsidiaries of PetroChina Co. and Royal Dutch Shell Plc.
China's business press carried the story above on Tuesday.
