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Australia says yes to gas buyers

Australia has given foreign-investment approval for Royal Dutch Shell and PetroChina to buy coal-seam gas firm Arrow Energy for $3.2bn (£2.1m), Arrow said yesterday. The approval clears a major regulatory hurdle and comes after Australia's competition regulator said it would not oppose the deal, but the transaction still requires regulatory approval from Chinese authorities and Arrow shareholders. Arrow Energy said it is still on target to hold a shareholder meeting to vote on the deal in mid-July.