32146
China Okays Shell, BG Merger
World Economy

China Okays Shell, BG Merger

China has given unconditional clearance to a proposed merger between Royal Dutch Shell and BG Group, clearing the final key regulatory hurdle for the $70-billion tie-up, Shell said on Monday, CNBC reported. The clearance means the pre-conditional approval process is complete, the Anglo-Dutch company said in a statement. Prior to the approval, industry sources told Reuters that Chinese authorities were pressing Shell to sweeten long-term gas supply contracts as the world’s top energy consumer faces a large surplus of the supplies as a demand boom at home falters. “We will now seek approval from both sets of shareholders as we move towards deal completion in early 2016,” Shell CEO Ben van Beurden said, according to the company statement. Australia approved the merger earlier this month, leaving China as the last regulatory hurdle to the deal. Together with BG, Shell would supply around 30% of China’s natural gas imports by 2017.

Short URL : http://goo.gl/OhPF15
  1. http://goo.gl/G6UYzu
  • http://goo.gl/HnR2S8
  • http://goo.gl/Nsmk9o
  • http://goo.gl/t29Isj
  • http://goo.gl/k8qXlo

You can also read ...

China Challenges US Solar Panel Duties
China says it is challenging a US tariff hike on solar panels...
In a retaliatory move, President Recep Tayyip Erdogan’s government on Wednesday announced higher tariffs on some US imports, namely on passenger cars (120%) and leaf tobacco (60%).
Turkey has raised tariffs on some US imports, including...
World trade volume growth peaked in January at almost 5.7% year-on-year but nearly halved to less than 3% by May.
Cyclical indicators point to slower and more uneven growth in...
File picture of Kim Jong-un (L) and Moon Jae-in at the truce village  of Panmunjom, South Korea.
South Korea President Moon Jae-in on Wednesday offered a bold...
Moody’s Predicts Slower Fiscal Progress in S. Africa
South Africa’s fiscal consolidation will be slower than the...
Nigeria CPI Drops to 11.14 Percent
Nigeria’s National Bureau of Statistics says the consumer...
Surging Inflation Mars Philippines Growth
The Philippine economy in 2018 is a story that can be summed...
Transport tickets and fuel have driven up costs for consumers.
Inflation in the UK climbed in the month of the July, as had...

Trending

Googleplus