On Thursday, majority of BG Group shareholders approved Royal Dutch Shell’s $52 billion (36 billion pounds) takeover.
The merger will take place on 15th February 2016. In a meeting held in London, 99.53 percent of BG shareholders voted in favour of the merger, a day after 83 percent of Shell’s shareholders approved the deal first announced on April 8 last year.
- BG Chief Executive Officer Helge Lund is set to step down.
- Shell executive Huibert Vigeveno will become the transitional CEO.
- BG shares were up 3.4 % and Shell B shares were trading 5.4 % higher
- The acquisition will boost Shell’s oil and gas production by 20% closely competing Exxonmobil.
- Shell and BG will together overtake Chevron as the world’s second-biggest publicly-traded oil and gas company measured by market value.