Shell Shareholders Back Merger with BG
Royal Dutch Shell’s shareholders have today voted in favour of the recommended combination between Shell and British rival gas producer BG Group Plc.
The announcement comes following today’s General Meeting held in The Hague, The Netherlands.
“Shell shareholders expressed their support for the recommended combination with BG Group plc by carrying the resolution to approve and implement the transaction”, Shell said, with 83 percent of shareholders backing the deal.
“I am delighted with the positive shareholder vote and the confidence that shareholders have shown in the strategic logic of the combination of Shell and BG. Our immediate focus is on the successful completion of the transaction and we now await the results of tomorrow’s BG shareholder vote,” Ben van Beurden, CEO of Shell, said.
The approval follows suit of nine months of regulatory hurdles, as the deal needed to be cleared by five regulatory bodies.
The deal is yet to be approved by BG shareholders on Thursday and would need court approval before it can enter into force in mid-February.
Once approved, the USD 70 billion merger with BG will make Shell the largest Brazilian offshore foreign operator.
Shell expects the deal to accelerate its growth strategy in global LNG and deep water, as well as to add some 25% to its oil and gas reserves and 20% to production, each on a 2014 basis.
This combination will also create the world’s largest LNG producer.
World Maritime News Staff
