Shell, PetroChina to bid A$4.70 a share for Arrow

SYDNEY | Sun Mar 21, 2010 6:48pm EDT

SYDNEY (Reuters) - Royal Dutch Shell (RDSa.L) and PetroChina (0857.HK) have agreed to raise their offer for Australia's Arrow Energy Ltd AOE.AX by six percent to A$3.4 billion ($3.1 billion) in cash plus a share in the group's Asian assets, a source close to the transaction said on Monday.

The fresh offer is pitched at A$4.70 a share for Arrow's Australian assets, up from A$4.45 a share announced on March 8, the source said.

(Reporting by Sonali Paul)

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