Shell and BG Group’s £47bn merger receives Australian approval – now it just needs the OK from China and the FIRB
The mega-merger between oil giants Royal Dutch Shell and BG Group has taken a step closer, after receiving unconditional clearance from the Australian Competition and Consumer Commission (ACCC).
The £47bn takeover of BG, which was announced back in April, has already received approval from competition bodies in Brazil and the European Union, meaning that three of the five pre-conditions have been satisfied.
The deal must get two more pre-conditional clearances – from Australia’s Foreign Investment Review Board (FIRB) and China’s Ministry of Commerce (MOFCOM) – before it can go ahead.
Shell chief executive Ben van Beurden, said: “The addition of BG’s integrated gas assets in Australia to Shell’s global portfolio is one of the main strategic drivers behind the recommended combination, making ACCC approval a major step forward for the deal.
“The Shell BG combination is a sign of Shell’s confidence in the Australian economy. It’s also a springboard to change Shell into a simpler, more profitable and resilient company in a world where oil prices could remain low for some time.”
The company said its filing process in China "continues to progress well", adding that the merger is on course to be completed in early 2016.