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Arrow to rebuff Shell and Petrochina: report

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Arrow to rebuff Shell and Petrochina: report

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Australia’s Arrow Energy is about to throw out a joint takeover bid from Royal Dutch Shell and PetroChina according to media reports in Australia.

Several analysts have said the bid, worth 2.2 billion euros, significantly undervalues Arrow’s proven and probable reserves of energy.

There is speculation that a refusal could trigger a higher, hostile bid for the firm exploiting Australia’s fast-expanding coal seam gas sector.