Shell and PetroChina in £2bn bid for Arrow

ROYAL Dutch Shell and PetroChina are making a joint $2.96bn (£1.95bn) takeover bid for Australian liquefied natural gas (LNS) group Arrow Energy.

Shell said in a statement: Royal Dutch Shell confirmed that it is participating in discussions to acquire Arrow Energy.

Arrow said it had received a “non-binding indicative and conditional” proposal.

The company has the largest reserves of natural gas in Australia's Queensland.