Royal Dutch Shell plans to complete its proposed $53 billion merger with BG Group by Feb. 15, according to Reuters.
The company is also lowering its capital spending plan for next year for the combined group by $2 billion to $33 billion.
Reuters noted that Shell expects that the merger with BG Group will strengthen the financials of the group, and that the addition of the BG business, especially its offshore oil production in Brazil and liquefied natural gas (LNG) facilities in Australia, will offer $3.5 billion of cost savings and strengthen Shell’s ability to maintain dividends at $1.88 per share.
The proposed merger recently cleared its last regulatory hurdle, following approval from China. Shareholders of Royal Dutch Shell and BG Group plan to vote on the merger of the two companies on Jan. 27 and Jan. 28, respectively.