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Shell in bid for Australia's Arrow

Royal Dutch Shell has made a Ł1.5 billion ($2.48 billion) approach for Australian coal seam gas producer Arrow Energy, The Sunday Telegraph reported, without citing sources.

The newspaper said the oil giant discussed acquiring Arrow several weeks ago as part of wider talks about investing further in the Australian company's assets.

On Thursday, Arrow said it had held talks over the possible sale of some of its assets but did not name any suitors.

Its statement followed media reports that Shell, its partner in Australia, and PetroChina, its Chinese partner, may make a bid.

A spokeswoman for Shell declined to comment. (Reuters)