Shell-BG merger clears Australia’s final hurdle

Shell-BG merger clears Australia's final hurdle

Australia’s Foreign Investment Review Board on Thursday approved the proposed $70 billion takeover of BG Group by Royal Dutch Shell. 

The latest clearance follows the earlier approval by the Australian Competition and Consumer Commission, BG Group confirmed in a statement.

Together with the previously received clearances in Brazil, the EU and the United States, four of the five pre-conditions to the combination have now been satisfied.

The proposed takeover now only needs to obtain approval from China’s Ministry of Commerce.

Shell’s CEO Ben van Beurden said, following the FIRB approval that the Shell-BG combination, which would create a global LNG giant, is on track for completion in early 2016.

 

LNG World News Staff

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