Mergers & Acquisitions » BP or Royal Dutch Shell Said to Make Bid for Arrow August 13, 2009, 3:26 am On Wednesday, as the energy sector saw a strong recovery from Tuesday’s losses, rumors emerged that BP or Royal Dutch Shell was lining up a bid of 3 billion Australian dollars for a coal-seam gas producer, Arrow Energy, The Daily Telegraph reported.
Shell was thought to be the most likely bidder because it already has a joint venture with Arrow. In 2008, Shell paid 776 million Australian dollars for a stake in some of Arrow’s coal-seam gas assets.
According to the newspaper, British traders said that the Arrow bid talk was coming out of Citigroup and Credit Suisse. Australian brokers from Credit Suisse were said to have been in London this week to push the idea that Arrow could soon be on the receiving end of a bid.
