seems a bargain, page-4

From the Australian this morning. Looks like it's all over.

THE largest shareholder in Arrow Energy today backed Royal Dutch Shell and PetroChina's revised $3.44 billion bid for the coal seam gas company.

New Hope, which has a 16.7 per cent stake in the company, said that in the absence of a superior proposal it supports the transaction.

The Queensland-based company said it would vote in favour of the demerger scheme and acquisition scheme for all the shares it owns.

Through the deal, which is offering shareholders $4.70 per share, New Hope will receive about $576.22 million for its stake in Arrow.