It’s a Deal – BG Shareholders Approve Shell Buyout
In the end, it wasn't even close. Some 99.5% of BG Group's shareholders voted to approve the sale/merger of the company with Shell at a meeting yesterday. Earlier this week 83% of Shell's shareholders voted to approve the merger (see Shell Shareholders Vote in Favor of BG Buyout/Merger). As we've said from the beginning, this is an LNG love story--Shell wanted BG for its natural gas market share. The Shell/BG merger will create the world's dominant LNG company, by far. The buyout/merger is, for Shell, it's largest-ever acquisition. Just how big is this deal? The Shell/BG merger is the largest oil and gas deal since Exxon bought Mobil in 1999. The merger will be consummated on February 15. As we've previously noted, Shell plans to lay off 10,000 people across both companies once the merger is complete. Happy Valentine's Day...
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