Corporates: Arrow, ERA

  We should know today or tomorrow if Shell and PetroChina have come up with a share price for their takeover bid that & #160; Arrow Energy will recommend to shareholders.Arrow shares & #160;entered a trading halt on Friday, ahead of a statement promised by the company by tomorrow.Arrow gave its reason for the trading halt as & quot;pending & #160;release of an announcement to the market concerning an update to the non-binding indicative and conditional proposal received from a company jointly owned by Royal Dutch Shell and PetroChina & quot;.Media reports this morning suggest a higher price and other new sweeteners have been suggested by Shell, leading to Arrow's acceptance of the new offer.Arrow announced on March 8 that Shell and PetroChina had made a non-binding proposal to buy the company at & #36;4.45 per share plus a share in a new company set up to hold Arrow's international business.Arrow previously had announced that it proposed to spin off its international business into a new, listed company.Establishing a realistic value for the international assets will be hard, meaning some shareholders have wanted a higher cash price from Shell and PetroChina to make & #160;their offer more realistic.Arrow shares closed on Thursday at & #36;5.29.  

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