Royal Dutch Shell plc’s (NYSE: RDS.A) (NYSE: RDS.B) recommended combination with BG Group plc has received unconditional merger clearance from the European Commission. Together with the pre-conditional clearance in Brazil, two of the five pre-conditions to the combination have now been satisfied.
Commenting on the clearance Shell CEO, Ben van Beurden, said: "Receiving clearance from the European Commission underlines the good progress we are making on the deal. The transaction is on track for completion in early 2016. 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."
In June, Shell said that its $70 billion merger with BG Group plc had cleared its first antitrust hurdle by receiving early termination of the US antitrust waiting period from the US Federal Trade Commission. Shell and BG still require approvals from Australia's antitrust and foreign investment bodies and clearance from the antitrust authority in China.