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."