Arrow Energy Ltd
(ASX:AOE) has announced that Shell and PetroChina have had their takeover bid approved by Chinese regulators.
In a statement today Arrow says China has approved Shell and PetroChina’s bid for the entire issued capital of Arrow following the planned demerger of its International business and selected domestic assets.
Shell and Petro China are acquiring Arrow through their 50/50 joint venture CS CSG.
Under the proposed demerger and acquisition schemes Arrow shareholders will be entitled to $4.70 cash per share and a share in the demerger entity Dart Energy Ltd for each two Arrow shares they hold. Arrow shareholders are meeting today to vote on the proposed demerger and acquisition.
Arrow Energy recorded a profit of $366.85 million for the year ending 30 June 2009.
