Sector News

Shell completes BG takeover

February 15, 2016
News

Shell has completed its $68.2billion merger with BG Group which will now be delisted from the London Stock Exchange.

The oil major said it follows the sanction of scheme at a hearing held four days ago and the delivery of the court order to the Registrar of Companies today.

Shell well issued 1,523,804,425 Shell A shares and 3,745,486,731 Shell B shares.

Chief executive Ben Van Beurden said: “This is an important moment for Shell.

“It significantly boosts our reserves and production and will bring a large injection to our cash flow.

“We have acquired productive oil and gas projects in Brazil and Australia and other key countries.

“We will now be able to shape a simpler, leaner, more competitive company, focusing on our core expertise in deep water and LNG.”

By Niamh Forrest

Source: Energy Voice

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