Royal Dutch Shell plc’s (NYSE: RDS.A) (NYSE: RDS.B) recommended combination with BG Group plc has received unconditional merger clearance from the Brazilian competition authority (CADE), satisfying the first of the preconditions to the combination. Other preconditions include merger clearances in Australia, China, and Europe.
Commenting on the CADE clearance, Shell CEO Ben van Beurden said, "The addition of BG's competitive deepwater Brazil position to Shell's global portfolio is one of the main strategic drivers for the combination. Securing CADE approval at this early stage is a significant deal milestone and reflects not only Shell's thorough preparation but also the professionalism and efficiency of the Brazilian authorities."
Following comments made in June, when the recommended combination cleared its first antitrust hurdle in the US, van Beurden also reconfirmed that the filing process is well under way in the remaining preconditional and other jurisdictions, and that the recommended combination remains on track to complete in early 2016.