Shell, PetroChina Bid for Australian Coal Gas Producer - Seeking Alpha (blog)

) as Asian countries scramble for a stake in the vast energy resources at their doorstep in Australia.

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The initial bid of A$3.3 billion (US$3 billion) valued Arrow’s shares at $4.45, a 28% premium on last week’s close of $3.48. But investors quickly bid up the shares even higher in anticipation of a sweetened bid.Australia has vast reserves of coal-bed methane and has attracted some A$20 billion (US$18 billion) in foreign investment over the past two years to develop this resource. Malaysia’s national oil company Petronas ( PNAGF.PK ) as well as oil majors like ConcoPhillips ( COP ) have acquired stakes in the industry.

Full Story: Shell, PetroChina Bid for Australian Coal Gas Producer - Seeking Alpha (blog)