Wednesday, 27 January 2016 - 15:20
Shell shareholders approve 47 billion dollar deal to buy Britain's BG Group
Shareholders at Dutch-British oil and gas firm Royal Dutch Shell approved the 47 billion dollar (43 billion euro) of the United Kingdom gas company BG Group. Roughly 83 percent of shareholders gave their blessing to the deal during a meeting in Den Haag, Shell said in a statement on Wednesday. Opponents to the plan expressed concern that the company was not focusing more on renewable energy sources, while others balked at making the purchase at a time when falling oil prices are touching 30 dollars per barrel. Shell stands to gain access to oil reserves off the coast of Brazil, and would acquire one of the world’s major players in liquified natural gas. “I am delighted with the positive shareholder vote and the confidence that shareholders have shown in the strategic logic of the combination of Shell and BG, said Shell CEO Ben van Beurden. “Our immediate focus is on the successful completion of the transaction and we now await the results of tomorrow’s BG shareholder vote.” The decision now lies with BG shareholders, who are to meet on Thursday. If given the green light, the deal could be completed by February 15, subject to regulatory approval, Shell said.