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Thursday, March 18, 2010

Arrow, Shell-PetroChina Yet To Reach Agreement On Deal -Source

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By Cynthia Koons; Dow Jones Newswires; 61-2-8272-4691; cynthia.koons@dowjones.com
Dow Jones Newswires
     

    SYDNEY -(Dow Jones)- Arrow Energy Ltd. (AOE.AU) has yet to reach an agreement with Royal Dutch Shell PLC (RDSB.LN) and PetroChina Co. (PTR) about a takeover offer the pair proposed nearly two weeks ago, a person familiar with the matter said Friday.

    "(There is) no agreement at this point," the person said.

    Arrow placed its shares in a trading halt Friday as speculation mounts that the coal seam gas company is about to endorse a sweetened takeover bid from Royal Dutch Shell and PetroChina.

    Arrow said its shares will be halted from trading until Tuesday, or until it makes its next announcement on what is currently a A$3.3 billion offer.

    Copyright © 2009 Dow Jones Newswires

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