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Wednesday, 20 August, 2008, 07:10 GMT | more prices >>

Anzon parent backs Arc nuptials



By Upstream staff 

Shareholders of Anzon Australia’s parent company, Anzon Energy, have backed the unit’s proposed A$700 million (US$616 million) merger with Arc Energy.

Anzon Energy holds a 53% stake in Anzon Australia. Under the scheme of arrangement proposed for the deal, AIM-listed Anzon Energy will also become part of Arc Energy.

Direct shareholders of Anzon Australia will vote on the merger plan on 29 January in Sydney in terms of an order by Australia’s Federal Court.

Anzon’s board has recommended shareholders accept the merger deal, which will create one of Australia’s largest independent oil and gas companies.

Arc is offering a mix of cash and shares in the deal that value Anzon Australia shares at A$1.87 each.


Monday, 21 January, 2008, 06:29 GMT  | last updated: Monday, 21 January, 2008, 06:31 GMT

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