Royal Dutch Shell's planned mega-takeover of British rival BG Group cleared another hurdle Thursday as Australia's competition commission said it would not oppose the move amid gas market concerns.
It means Shell's £55-billion (US$84-billion, 79 billion-euros) takeover of BG remains on track for completion in early 2016.
"BG Group plc today confirms that the recommended cash and share offer for the company to be made by Royal Dutch Shell has received unconditional merger clearance from the Australian Competition and Consumer Commission," a BG statement said.
Separately, ACCC chairman Rod Sims said the "proposed acquisition would be unlikely to substantially lessen competition in the wholesale natural gas market, in either Queensland or eastern Australia more broadly".
BG Group noted that the approval was one of the five regulatory clearances required. The European Commission and Brazil's competition authority have already cleared the way for the tie-up, leaving only Australia's Foreign Investment Review Board and China's Ministry of Commerce to follow suit.
The proposed transaction requires also support from shareholders of both companies.
The BG deal is aimed at helping Shell boost its flagging output thanks to BG's strong position in liquefied natural gas (LNG), a cleaner alternative to coal and nuclear energy.
GMT 14:36 2018 Sunday ,14 January
Fossil fuels blown away by wind in cost terms: studyGMT 18:20 2018 Thursday ,11 January
Ukraine to launch its first solar plant at ChernobylGMT 18:44 2018 Tuesday ,09 January
Finland's Fortum snaps up EON's fossil fuels stakeGMT 17:39 2018 Wednesday ,03 January
Norway powers ahead electrically with over half of new car sales now electric or hybridGMT 15:36 2018 Wednesday ,03 January
Minister of Mining Says Govt. Invested MAD 12.3 Billion between 2003-2017GMT 18:00 2017 Saturday ,23 December
Energy prices bump key US inflation index up in NovemberGMT 09:01 2017 Friday ,15 December
BP plan to buy Australian petrol pump network blockedGMT 14:54 2017 Monday ,27 November
Belarus nuclear power plant stirs fears in LithuaniaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor