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LequteMan
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Nigeria - Shell is set to close the gap on ExxonMobil by acquiring little rival BG Group for $70bn, in the oil industry's first major merger in decades, Daily independent reports:
According to the report, Shell said it will pay a mix of cash and shares that values each BG share at around 1,350 pence ($20), which industry watchers believe is a hefty premium of around 52 percent to the 90-day trading average for BG, setting the bar high for any potential rival bidders.
The report noted that the merger, which is the biggest this year will give Shell access to BG’s multi-billion-dollar operations in Brazil, East Africa, Australia, Kazakhstan and Egypt, including some of the world’s most ambitious liquefied natural gas (LNG) projects.
The agreement was sealed by Shell CEO, Ben van Beurden, and BG Chairman, Andrew Gould, coming after oil prices halved since last June, putting a premium on access to proven assets rather than costly exploration
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#Shell #BG #ExxonMobil
According to the report, Shell said it will pay a mix of cash and shares that values each BG share at around 1,350 pence ($20), which industry watchers believe is a hefty premium of around 52 percent to the 90-day trading average for BG, setting the bar high for any potential rival bidders.
The report noted that the merger, which is the biggest this year will give Shell access to BG’s multi-billion-dollar operations in Brazil, East Africa, Australia, Kazakhstan and Egypt, including some of the world’s most ambitious liquefied natural gas (LNG) projects.
The agreement was sealed by Shell CEO, Ben van Beurden, and BG Chairman, Andrew Gould, coming after oil prices halved since last June, putting a premium on access to proven assets rather than costly exploration
click here to read more
#Shell #BG #ExxonMobil