News and information on Shell Plc
December 16, 2011, 2:21 AM EST
By James Paton
Dec. 16 (Bloomberg) — Arrow Energy Ltd., the natural gas producer owned by Royal Dutch Shell Plc and PetroChina Co., won approval from Australias Foreign Investment Review Board to buy Bow Energy Ltd. for A$535 million ($534 million).
The transaction was also cleared by Chinese authorities, Brisbane-based Bow said today in a statement. The decisions follow approval earlier this month by the Australian Competition & Consumer Commission.
NOVEMBER 2, 2011, 4:52 A.M. ET
SYDNEYAustralia’s foreign-investment watchdog has pushed back by up to 90 days a decision on the takeover of coal-seam-gas developer Bow Energy Ltd. by a joint venture of Royal Dutch Shell PLC and PetroChina Co.
In a government notice to parliament, the Foreign Investment Review Board said it needed more time to decide whether to approve the 535 million Australian dollar (US$557 million) deal, which would enable Shell and PetroChina’s Arrow Energy venture to expand its proposed gas-export facility in Queensland state.
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