Don't know if this has been posted. Article lifted from Business...

Don't know if this has been posted. Article lifted from Business Spectator.Arrows largest shareholder says more in deal

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Following the $3.3 billion joint takeover offer for Arrow Energy Ltd by Royal Dutch Shell and PetroChina, the companys largest shareholder says there may be more in the deal.

At 17 per cent, Arrows largest shareholder is New Hope Corporation, which is 60 per cent owned by Robert Millner-chaired Washington H Soul Pattinson, The Australian Financial Review reports.

Mr Millner told the newspaper he has not been contacted by Shell or PetroChina about the offer for Arrow yet, and said the company was sitting back to see what happens.

The markets reaction tell you theres more in it, Mr Millner told the newspaper.

He said it would be difficult for the deal to go through if New Hope, which has been invested in Arrow for about four years, doesn't accept.

Under the proposal announced to the market yesterday, Arrow shareholders would receive $4.45 cash per share, plus a share in a new entity comprised of Arrows international business.

Arrow's shares soared 46.83 per cent to $5.11 after they resumed trading.

Jeff