BG Says European Commission Signs Off on Shell Bid

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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 antitrust and foreign investment bodies and clearance from the antitrust authority in China.

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

Shell agreed in April to take over 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.

 

 

 

 

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