In an apparent preparation for the looming takeover by Royal Dutch Shell and PetroChina, Arrow Energy Ltd (ASX: AOE) has been granted by the Federal Court to spin off its Dart Energy Ltd unit, in which shareholders would be entitled to one Dart shares for every two Arrow shares that they hold.

Under the demerger scheme of arrangement, a new Dart Energy would enter the Australian Securities Exchange (ASX), which would be comprised of Arrow's offshore coal seam gas assets with corresponding stakes in Bow Energy Ltd (ASX: BOW), LNG Ltd (ASX: LNG) and Apollo Gas (ASX: AZO) plus farm-in rights to two of Apollo's tenements.

The demerger is set to take effect on Monday next week following Arrow's filing of the court decision with the Australian Securities and Investments Commission (ASIC) and once everything has been finalised, Shell and PetroChina should formalised its buyout of the company with an offer of $4.70 per share en route to a total value of $3.45 billion.

Arrow said that the final bidder conditions were met on Wednesday with the National Development and Reform Commission of China giving its approval on the takeover proposal while a waiver was sent by the State Administration of Foreign Exchange of China.

Dart is scheduled to start trading on ASX by July 22 and initial exchanges by the company would be on a deferred settlement basis prior to its shares' eventual normal trading, which should begin by August 6.

As of 1213 AEST on Friday, Arrow shares were steadying at $4.94.