EU clears $70 billion Shell-BG deal

LNG player BG said that the $70 billion takeover offer for the company to be made by oil and gas giant Shell has received unconditional merger clearance from the European Commission.

The approval is one of the five regulatory clearances that are pre-conditions to the combination and this is the second pre-condition to be satisfied, following the clearance obtained from the Brazilian competition authority, CADE, in July, BG said on Wednesday.

Other pre-conditional approvals are required from Australia and China.

Receiving clearance from the European Commission underlines the good progress we are making on the deal. The recommended combination with BG is a springboard to change Shell into a simpler and more profitable company, making Shell more resilient in a world where oil prices could remain low for some time,” Shell CEO, Ben van Beurden, said.

The proposed deal, which would create one of the largest LNG players the world has ever seen, is on track to complete in early 2016.

 

LNG World News Staff; Image: BG

 

Share this article

Follow LNG World News

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

4th PNG Petroleum & Energy Summit

The CWC Group, in partnership with Kumul Petroleum Holdings Ltd.

read more >

FSRU World Congress 2020

FSRU World Congress 2020 will therefore focus on further Commercialising FSRUs through LNG-to-Power…

read more >

CWC World LNG & Gas Series: 12th Asia Pacific Summit

The 2020 Summit will offer an unrivaled programme covering relevant and significant discussion topics…

read more >