Shell, PetroChina Joint Venture To Buy Bow Energy For A$535 Million
26 September 2011 - 9:45AM
Dow Jones News
Royal Dutch Shell PLC (RDSA.LN) said Monday its Australian joint
venture with PetroChina Co (0857.HK), Arrow Energy Holdings Pty
Ltd., has agreed to take over Bow Energy Ltd. (BOW.AU) in a deal
that values the coal seam gas producer at A$535 million ($523
million).
Shell said in a statement that the acquisition will allow Arrow
to expand its proposed liquefied natural gas project in Queensland
from the 4 million metric tons per annum currently planned.
Bow's board has unanimously recommended that investors vote in
favor of the A$1.52 a share offer, with an extraordinary
shareholder meeting to decide on the deal anticipated to take place
in December, Shell said. Subject to approvals, the transaction is
expected to be implemented in January 2012.
-By Alexis Flynn, Dow Jones Newswires, +44 207842 9471,
alexis.flynn@dowjones.com
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