WELLINGTON, March 22 (Reuters) - Australia's Arrow Energy has received a raised takeover offer worth as much as $3.2 billion from Royal Dutch Shell and PetroChina which it has accepted, The Australian newspaper said.
Shell and PetroChina raised their offer to around A$4.70-A$4.80 per share from a previous A$4.45 and Arrow will likely announce on Monday that it has accepted the proposal, The Australian said on Monday without naming its sources.
Arrow's shares were placed on trading halt on Friday pending an update on the bid. Its shares last traded at A$5.29 as investors had been anticipating a raised offer.
The paper added that Arrow's largest shareholder, New Hope Coal with 16.7 percent, will accept the fresh offer.
It also said that Arrow's international assets, including exploration and coal-seam gas projects in China, Indonesia, Vietnam and India will remain in a renamed Arrow under the existing management team and board.
Analysts had said the a March 8 offer from Shell and PetroChina, which valued the company at A$3.3 billion, was too low given Arrow's exposure to Australia's booming coal-seam gas sector.
($1=A$1.09)
(Reporting by Adrian Bathgate; editing by Balazs Koranyi)
((adrian.bathgate@reuters.com; +64-4-4714233; Reuters Messaging: adrian.bathgate.reuters.com@reuters.net)) Keywords: ARROWENERGY/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Shell and PetroChina raised their offer to around A$4.70-A$4.80 per share from a previous A$4.45 and Arrow will likely announce on Monday that it has accepted the proposal, The Australian said on Monday without naming its sources.
Arrow's shares were placed on trading halt on Friday pending an update on the bid. Its shares last traded at A$5.29 as investors had been anticipating a raised offer.
The paper added that Arrow's largest shareholder, New Hope Coal with 16.7 percent, will accept the fresh offer.
It also said that Arrow's international assets, including exploration and coal-seam gas projects in China, Indonesia, Vietnam and India will remain in a renamed Arrow under the existing management team and board.
Analysts had said the a March 8 offer from Shell and PetroChina, which valued the company at A$3.3 billion, was too low given Arrow's exposure to Australia's booming coal-seam gas sector.
($1=A$1.09)
(Reporting by Adrian Bathgate; editing by Balazs Koranyi)
((adrian.bathgate@reuters.com; +64-4-4714233; Reuters Messaging: adrian.bathgate.reuters.com@reuters.net)) Keywords: ARROWENERGY/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.