PetroChina has not made $3.1 B offer Arrow Energy formal
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Arrow Energy Ltd. said it has not formally received an approved offer from China's state-owned PetroChina of its bid to acquire the A$3.5 billion ($3.1 billion) Australian coal-seam gas producer.
According to Bloomberg TV, PetroChina will advise its partners of the Chinese government's decision on the transaction "very, very soon," spokesman Mao Zefeng said by phone from Hong Kong today.
PetroChina needs approval from the country's National Development and Reform Commission and the State Administration of Foreign Exchange for the takeover.
Arrow, which has climbed 20 percent this year, increased 0.4 percent to A$4.96 at 2:44 p.m. in Sydney trading. The benchmark S&P/ASX 200 Index, however, declined by 0.4 percent as of 2:45 p.m. in Sydney trading.
Arrow shareholders will meet tomorrow to vote on the proposed deal, the Brisbane-based company said in a statement.
PetroChina is one of the oil companies planning more than $40 billion of investment in Queensland projects aiming to convert gas extracted from coal seams into a more environment friendly liquefied natural gas.