shell has launched a takeover bid for arrow, page-63

A few points:

1. Holders of AOE need to avoid simple PJ metrics. The big difference between Arrow and several other targets is the extensive portfolio of power stations, gas plant and international assets. I believe the international assets are the big sleeper here. First mover advantage on Gladstone LNG and pipelines also very valuable, particularly to majors. On my numbers, price must be $7 plus.

2. Most holders believe in this team and their story, and face huge CGT bills with a cash bid. Any acquiror that wants to use its scrip, where sellers avoid tax and continue to share in this "Woodside" has a huge advantage. ORG and STO- ARE YOU LISTENING?

3. Everyone who holds, go back into the garden, and enjoy lunch-this has months to go.

Favre