The Foreign Investment Review Board has approved Shell and PetroChina’s bid for Aussie gas explorer Arrow Energy Ltd
(ASX:AOE).
Arrow says it has received notice that the Foreign Investment Review Board has given the joint venture partners the green light to acquire all the issued capital of Arrow following the planned demerger of the international business and selected domestic assets.
Under the proposed demerger and acquisition schemes, Arrow shareholders will be entitled to $4.70 cash and a share in the demerged entity Dart Energy for each Arrow share they hold.
CEO Nick Davies says today’s announcement brings the company one step closer to realising significant value for Arrow shareholders through the monetisation of Arrow’s Queensland coal seam gas assets while retaining significant upside through exposure to Dart’s outstanding portfolio of assets in Asia and Australia.
Arrow says it remains on target to hold shareholder meetings in mid-July to allow shareholders to vote on the proposed demerger and acquisition schemes.
For fiscal 2009 Arrow posted a profit of $366.85 million.
