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Shell-BG Merger Vote
Energy

Shell-BG Merger Vote

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 trader, Reuters reported. 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. 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. Shell laid out plans last week to cut a further 2,800 jobs upon completion of its merger with BG. The Anglo Dutch oil giant said around 3% of the combined company’s total headcount would go after the takeover completes in early 2016.

 

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