Shareholders of Australian company,
Arrow Energy (
AOE), a supplier of coal seam gas to eastern Australia and Asia, have approved a $3.5 billion acquisition by Royal Dutch Shell and PetroChina, permitting China to extract Australia's coal seam gas. The proposal was put forward by CS CSG (Australia) Pty Ltd, a 50/50 joint venture company owned by Shell Energy and PetroChina. In March, Shell and PetroChina agreed to buy Arrow's Australian business for $4.70 a share in cash.
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