Shell inches closer to BG buy-out

Offshore staff

THE HAGUE, the Netherlands - The boards of Shell and BG Group have agreed on the terms of a recommended cash and share offer to be made by Shell for the entire issued and to be issued share capital of BG.

The combination has cleared its first antitrust hurdle by receiving early termination of the US antitrust waiting period from the US Federal Trade Commission.

BG Group confirmed that the FTC clearance is the first regulatory approval received for the proposed combination. The proposed transaction requires review and approval by relevant antitrust and regulatory authorities, and support from both BG Group and Shell shareholders. BG Group and Shell confirmed today that they were well underway with the relevant anti-trust and regulatory filing processes.

In April, the Dutch supermajor announced plans to acquire the British independent’s entire share capital for around £47 billion ($70.2 billion).

Shell has said that it expects the buy-out to accelerate its growth strategy in global LNG and deepwater.

06/16/2016

 

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