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Arrow Energy approves international business negotiations

Shareholders vote in favour of $3bn takeover by Royal Dutch Shell and PetroChina

14 July 2010

Arrow Energy shareholders have approved of a takeover by two rival firms following extensive international business negotiations.

The company's shareholders voted in favour of the $3.05 billion (£2 billion) sale to Royal Dutch Shell and PetroChina.

Australian-based Arrow will be disbanded and merged into the newly formed Dart Energy, with the majority of its assets, including its coal-seam division, acquired by a consortium of Shell and PetroChina.

Shaun Scott, Arrow's chief executive officer, claimed the "environment has changed" following new legislation in Australia which taxes resource projects.

He told businessweek.com: "What has been highlighted in the last few months is that there's a lot more risk. At the end of the day the reality is that big projects are better off in the hands of big companies like Shell and PetroChina."

Shareholder approval was one of the few remaining regulatory obstacles blocking the deal, which should be finalised in the Federal Court of Australia this week.

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