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China has approved the Shell-PetroChina joint venture's 3.5 billion Australian dollar bid for Australian coal-seam gas firm Arrow Energy, clearing the deal's last major regulatory hurdle.
The joint venture will integrate Arrow's Australian assets with the planned Liquefied Natural Gas plant on Curtis Island. Shell and PetroChina will each own 50 percent of the gas produced by the plant.
Arrow shareholders are set to meet on Wednesday to vote on the deal. They're being offered 4.7 Australian dollars per share, and are set to receive one share in a new Australian-listed company Dart Energy. Arrow shares have risen more than 20 percent so far this calendar year.