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BRIEFS

ENERGY

ENERGY

Bow and Arrow

Arrow Energy, owned by Shell and PetroChina, has made a $520.5 million takeover bid for Bow Energy, offering $1.48 cash a share. Arrow is developing a LNG project at Gladstone, and Bow would bring with it significant potential gas reserves. Bow shares jumped 53.5? to close at $1.41.5.

TRANSPORT

Hong Kong direct

Cathay Pacific will offer three direct flights a week from Adelaide to Hong Kong from November. Previously, all of the airline's flights from the South Australian capital to Hong Kong stopped via Melbourne.

RESOURCES

Western profit leap

Western Areas has booked a leap in full year net profit after beating nickel production targets at two of its mines in Western Australia. Net profit for the 12 months to June 30 was $135 million, up from $14.2 million for the previous year.

FUEL

Santos blast fine

Oil and gas giant Santos has been fined $84,000 over a 2004 explosion at its Moomba gas processing facility that put South Australia and NSW on gas rations. The blast on New Year's Day was not fatal, but 13 employees were put at risk due to critical safety shortcomings.

TRANSPORT

Toll road top-up

Brisbane toll road operator Brisconnections has posted an annual net profit of $27 million, compared with $17 million a year earlier. The latest result includes a tax benefit of almost $30 million.

GOLD

Merger deal sealed

Gold producer Adamus Resources has agreed to merge with the Toronto Stock Exchange-listed Endeavour Mining Corporation to create a larger, acquisition-focused West Africa-based miner. Adamus shareholders will receive 0.285 of an Endeavour share for each share they own.

TELCOS

NZ cable pact

Vodafone New Zealand has signed a 10-year agreement with Pacific Fibre, the company that wants to build an undersea cable between Australia, New Zealand and the United States to rival the Southern Cross cable network. Pacific Fibre did not put a value on the contract, only saying that it was a multi-million dollar figure.


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