things are moving all around ctp.

http://www.bloomberg.com/news/2011-09-25/bow-recommends-improved-offer-of-a-1-52-a-share-from-arrow.html

Arrow Energy Ltd., owned by Royal Dutch Shell Plc (RDSA) and PetroChina Co., agreed to buy Bow Energy Ltd. (BOW) after sweetening its offer to A$535 million ($524 million) to gain more resources for a natural gas project in Australia.

The coal-seam gas producer in the state of Queensland increased its cash offer to A$1.52 a share from A$1.48, Brisbane-based Bow said in a statement today. That?s 72 percent more than the stock?s price of 88.5 cents in Sydney trading before Arrow made its initial offer on Aug. 22.

Arrow plans a fourth liquefied natural gas venture in Queensland, following approvals for more than $50 billion in developments led by BG Group Plc, Santos Ltd. and ConocoPhillips to meet rising demand in Asia. Bow had been the subject of takeover speculation since Santos, Australia?s third-largest oil and gas producer, agreed in July to pay about A$730 million to buy the shares in Eastern Star Gas Ltd. it didn?t already own.

?We?ll see more consolidation,? Ivor Ries, an analyst at E.L. & C. Baillieu Stockbroking Ltd., said by telephone from Melbourne. ?These big LNG project developers will need more gas? to underpin additional processing units.

Bow?s board recommends that shareholders vote in favor of the proposal in the absence of a ?superior? bid, according to the statement. The accord is subject to regulatory approvals in Australia and China, and Bow shareholders are due to vote on the deal in December, the companies said in separate statements.
Bow Shares Rise

The stock rose as much as 1.4 percent to A$1.48 and was at A$1.475 at 12:14 p.m. in Sydney. Bow has gained 67 percent since Aug. 19, the last trading day before Arrow first announced its takeover offer.

Bow said it is being advised by Bank of America Corp. and Wilson HTM Investment Group. Arrow said it named JPMorgan Chase & Co. as a financial adviser.

?An Arrow acquisition will provide Bow a clear development path, given we have the technology, funding and guaranteed market to develop the resources,? Andrew Faulkner, chief executive officer of Brisbane-based Arrow, said in a separate statement today.

Arrow said today the deal would allow it to expand the size of its first two LNG processing units. The company said last month it initially planned to produce 4 million metric tons of LNG a year from each of the first two units.

Arrow expects a final investment decision to proceed with its development in late 2013, Faulkner said in June. Shell is ?quite happy? to wait to develop the Arrow LNG project as costs to develop ventures rise, Peter Voser, chief executive officer of The Hague-based company, told analysts in July.