the arrow-shell combined shareholdings are 30% , BG probably has a blocking stake.
So unless BG decides to perhaps get a 9.9% stake in arrow, i think the AOE-PES merger will probably proceed, shell might wait for the shareprice to drop or sign a JV
Outside chance of a bid from shell.
Now if BG fails they wills till if they hold the shares a certain amount of shares in the new AOE company if it goes through and they accept AOE. That would then give them a block stake in AOE if they purchased another round of shares ......
SHell then makes an offer they may request some of the assets.
Lots of sceniros but for those holding the profits will be good
PES
pepper residential securities trust no. 21
