Royal Dutch Shell and PetroChina have underlined their desire to be big players in Australia’s coal-bed methane gas sector after making a joint offer thought to be worth at least A$3.7bn (US$3.4bn) for Arrow Energy.
Arrow announced on Monday it had received an indicative proposal from a vehicle jointly owned by the oil companies worth A$4.45 a share in cash or A$3.3bn.
Shell/PetroChina have also offered Arrow shareholders a stake in a new entity to hold the international operations, thought to be worth a further A$400m-A$500m.
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