BG Group plc has announced that the Brazilian competition authority (CADE) has granted unconditional merger clearance for the recommended cash and share offer for the company to be made by Royal Dutch Shell plc.
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 five 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 EU (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 press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/floating-lng/27072015/brazilian-competition-authority-approves-shell-offer-for-bg-group-1067/