Hague-based LNG giant Shell said Monday that the scheme with BG Group has become effective and the UK-based company is now owned by Shell.
This follows the Court’s sanction of the scheme at a hearing held on February 11 and the delivery of the order to the registrar of companies on Monday, February 15, Shell said in a statement.
The US$53 billion merger created the world’s largest liquefied natural gas company.
BG and Shell’ shareholders approved the historic merger in January. This is Shell’s biggest ever acquisition and the largest oil and gas deal since Exxon bought Mobil in 1999.
“This is an important moment for Shell,” said CEO of Shell, Ben van Beurden. “It significantly boosts our reserves and production and will bring a large injection to our cash flow. We have acquired productive oil and gas projects in Brazil and Australia and other key countries.
“We will now be able to shape a simpler, leaner, more competitive company, focusing on our core expertise in deep water and LNG,” van Burden added.
Cancellation of listing of BG shares
BG said on Monday that the UK Listing Authority has cancelled the listing of its shares on the premium listing segment of the official list.
The London Stock Exchange has also cancelled the trading of BG shares on the London Stock Exchange’s main market for listed securities.
Shell to use own cash
Shell cancelled last week a US$14.4 billion bridge credit facility intended to fund its takeover of BG group.
Shell said in the statement that is in “a position to fund the full amount of the cash consideration due on completion of the combination from its cash resources”.
LNG World News Staff