Australia okays Shell�s takeover of BG Group

AFP, LONDON: Royal Dutch Shell’s planned mega-takeover of British rival BG Group cleared another hurdle yesterday as Australia’s competition commission said it would not oppose the move amid gas market concerns.
It means Shell’s £55-billion (US$84-billion, 79 billion-euros) takeover of BG remains on track for completion in early 2016.
“BG Group plc today confirms that the recommended cash and share offer for the company to be made by Royal Dutch Shell has received unconditional merger clearance from the Australian Competition and Consumer Commission,” a BG statement said. Separately, ACCC chairman Rod Sims said the “proposed acquisition would be unlikely to substantially lessen competition in the wholesale natural gas market, in either Queensland or eastern Australia more broadly”.
BG Group noted that the approval was one of the five regulatory clearances required. The European Commission and Brazil’s competition authority have already cleared the way for the tie-up, leaving only Australia’s Foreign Investment Review Board and China’s Ministry of Commerce to follow suit.
The proposed transaction requires also support from shareholders of both companies.

Australia okays Shell�s takeover of BG Group

AFP, LONDON: Royal Dutch Shells planned mega-takeover of British rival BG Group cleared another hurdle yesterday as Australias competition commission said it would not oppose the move amid gas market concerns. It means Shells 55-billion (US$84-billion, 79 billion-euros) takeover of BG remains on track for completion in early 2016. BG Group plc today confirms that the recommended cash and share offer for the company to be made by Royal Dutch Shell has received unconditional merger clearance from the Australian Competition and Consumer Commission, a BG statement said. Separately, ACCC chairman Rod Sims said the proposed acquisition would be unlikely to substantially lessen competition in the wholesale natural gas market, in either Queensland or eastern Australia more broadly. BG Group noted that the approval was one of the five regulatory clearances required. The European Commission and Brazils competition authority have already cleared the way for the tie-up, leaving only Australias Foreign Investment Review Board and Chinas Ministry of Commerce to follow suit. The proposed transaction requires also support from shareholders of both companies.