European Commission Signs Off On Shell’s Bid for BG Group

Teekay’s Petrojarl Knarr FPSO is on charter to BG Group. Photo: BG Group

Sept 2 (Reuters) – BG Group Plc said the European Union’s antitrust regulators had approved Royal Dutch Shell Plc’s $70 billion takeover bid for the oil and gas producer.

The deal, which will help Shell compete better with world No. 1 oil major ExxonMobil, has already received the green light from regulators in the United States, Brazil and South Korea.

BG and Shell still require approvals from Australia’s anti-trust and foreign investment bodies and clearance from the anti-trust authority in China.

Regulatory filings have been submitted for each of these approvals, BG said on Wednesday.

Shell agreed in April to takeover smaller rival BG at a hefty premium, as commodity companies react to a plunge in crude prices.

London-listed Shell’s stock was down 1 percent at 1620 pence at 1224 GMT, while BG was down marginally at 964.7 pence.

The broader FTSE Oil & Gas index was down 1.09 percent, after oil prices slipped further.

(c) Copyright Thomson Reuters 2015.

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