Shell and BG Group confirm $70bn takeover

In what is being called a bold move for the company Shell will acquire BG Group, a key player in the global liquified natural gas industry
Shell and BG Group confirm $70bn takeover
"Bold, strategic moves shape our industry. BG and Shell are a great fit," Ben van Beurden, CEO of Shell

Royal Dutch Shell Plc has agreed to acquire BG Group, in a $70 billion takeover agreement.

Just hours after official talks began, the two companies have finalised an agreement that will see Shell catapult to the top of the global gas exporting industry.

Taking on BG Group is expected to increase the company’s oil and gas reserves by 28 percent. Shell will also inherit a team which has positioned itself as an important figure in the LNG racket. 

Commenting on today’s announcement Ben van Beurden, CEO of Shell said: “Bold, strategic moves shape our industry. BG and Shell are a great fit. This transaction fits with our strategy and our read on the industry landscape around us."

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by Laura Stackhouse

readmt.com Editor

Laura Stackhouse is the Web Editor of readmt.com, an official publication of the International Marine Purchasing Association (IMPA). To discuss news, features or contributing to readmt.com please get in touch.

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