Shell to Cut 10,000 Jobs After Buying BG; Exiting Shale Drilling

In April 2015 MDN brought you the announcement that Shell was buying BG Group (the former British Gas) in a megamerger worth $69.7 billion (see LNG Love Story: Shell Makes Play to Buy BG in $69.7B Megamerger). As we alluded in the title of that post, the deal is all about LNG–liquefied natural gas. The merger will make Shell THE dominant player in LNG worldwide. The process to obtain regulatory approval in multiple countries has been long and arduous. Later this month, on Jan. 28, BG shareholders will cast a final vote on the plan. In an update issued this morning by Shell, the company says they expect to complete the BG transaction in the next few weeks, and after they do, there will be a total of 10,000 layoffs between the two companies. Don’t you just love mergers? Ax and hack away. Toss a few thousand jobs here and a few thousand jobs there. We know, times a tough. Companies must cut in order to stay in business. We just want to remind you that behind these abstract numbers are 10,000 real people with real families that depend on them. Shell also said they’re hightailing it out of shale…

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