Brazilian competition authority approves Shell offer
Published by Louise Mulhall,
Editorial Assistant
Oilfield Technology,
Cash and share offer receives merger clearance
BG Group plc ('BG Group' or 'the Company'), today confirms that the recommended cash and share offer for the Company to be made by Royal Dutch Shell plc ('Shell') has received unconditional merger clearance from the Brazilian competition authority ('CADE').
The unconditional clearance follows CADE’s initial approval of the combination on 8 July 2015, and the expiry of the 15 day period during which CADE’s decision could be appealed.
The approval is one of the 5 regulatory clearances that are pre-conditions to the combination and this is the first precondition to be satisfied. Other pre-conditional approvals are required from Australia (anti-trust and foreign investment), China (anti-trust) and the European Union (anti-trust).
The filing process to obtain these approvals and the regulatory approvals required in other jurisdictions is well underway. The combination will also require support from both BG Group and Shell shareholders.
The pre-conditions and conditions to the combination are set out in the announcement of the proposed offer released on 8 April 2015.
Edited from various sources by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/27072015/brazilian-competition-authority-approves-shell-offer/
You might also like
Wood boosts North Sea operations with triple extension awards
Wood has announced a trio of reimbursable contract extensions worth US$118 million to continue to deliver operations and maintenance solutions for Shell UK, Dana Petroleum and CNOOC International’s UK business.