BG Group shareholders made the final decision in the US$70 billion mega merger with Shell in an overwhelming 99.53% vote in favor of the deal today (28 January), making it the biggest merger between two supermajors in more than a decade.
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BG Group CEO Helge Lund. Image from BG. |
With all approvals received, the transaction is expected to be complete on 15 February 2016, subject to the satisfaction or waiver of certain customary conditions, including the sanction of the scheme of arrangement to implement the combination by the High Court of Justice, Shell said.
“I am very pleased that BG shareholders have voted in favor of the combination and look forward to welcoming them onto our register when the transaction closes,” Ben van Beurden, CEO of Shell said. “BG adds attractive deepwater and integrated gas positions and will act as a catalyst for accelerating the re-shaping of our business. We now look forward delivering the benefits of the combination as quickly as possible following completion.”
Just yesterday (27 January), Shell shareholders voted 83.08% in favor of the merger, with 16.95% voting against it.
The deal is expected to create more job cuts in the industry, as Shell announced in its full year 2015 results last week. A reduction of about 10,000 staff and contract positions across both companies will occur in an effort to streamline and integrate the two companies.
Shell made the $70 billion cash and share offer to BG in April, which will make Shell-BG bigger than BP and Chevron in market value.
Last year, between June and December, the merger gained approvals and clearances from the US, Brazil, European Union, and Australia.
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Shell shareholders approve BG merger
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