Shell, BG Shareholders To Vote On Merger In January
LONDON, Dec 21 (Reuters) - Royal Dutch Shell and BG Group shareholders are expected to vote on the merger of the two companies on Jan. 27 and 28, respectively, the firms said on Monday.
Shareholder approval is the final remaining hurdle to clear Shell's takeover of its smaller rival, one of the largest energy deals in a decade that will create the world's most powerful liquefied natural gas (LNG) trader.
Worth $70 billion at the time of the offer in April, it is worth about $53 billion at current market valuations.
BG asked Britain's High Court on Monday for approval to publish its scheme document and to convene the shareholder meetings, the companies said.
Court approval is expected on Tuesday, the companies said, followed by the publication of BG's scheme document and the Shell shareholder prospectus.
Following shareholder approval, the delisting of an acquired company's shares typically takes around 10 working days. This means Shell's takeover of BG could complete in mid-February.
(Reporting by Karolin Schaps in London and Noor Zainab Hussain in Bengaluru; editing by Jason Neely)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Shell Mulls LNG-Hub Network as Use by Ships and Trucks Expands (Jul 11)
- Tanzania Laws Would Allow Govt to Tear Up Mining, Energy Deals (Jun 29)
- Despite Cuts, Big Oil to Expand Production into the 2020s (Sep 05)
Company: Royal Dutch Shell plc more info
- Shell to Deploy Pioneering Electrolysis Tech at German Refinery (Jan 18)
- Shell Ventures Back Into Solar (Jan 15)
- Shell Braces for Change by Expanding Its Foothold in Electricity (Jan 12)