BG Group has released a statement claiming that the recommended cash and share offer by Royal Dutch Shell has been approved by the Chinese Ministry of Commerce (MOFCOM).
This was the final regulatory hurdle in terms of pre-conditions for the combination.
Helge Lund, the Chief Executive of BG Group, said: “Following today’s approval from MOFCOM, all preconditional regulatory approvals for the combination have been received and we now move to the next phase. I am pleased that we have continued to deliver a strong operating and safety performance throughout the offer period, which is a credit to our teams across the business. The proposed combination has strong industrial logic, particularly in deep water production and LNG, and will accelerate the delivery of value to our shareholders.”
Support for the combination will now be required from both Shell and BG Group shareholders.
Edited from press release by David Rowlands
Read the article online at: https://www.lngindustry.com/liquefaction/15122015/shell-offer-for-bg-group-approved-by-chinese-competition-authority-1766/