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LequteMan
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Royal Dutch Shell plc on Monday announced that it has received unconditional clearance from the Chinese Ministry of Commerce (MOFCOM) for its proposed merger with BG Group, marking the final pre-conditional approval required for the deal.
The deal is expected to help Shell compete better with the world’s top oil major, ExxonMobil.
Shell also confirmed it currently expects an overall potential reduction of approximately 2,800 roles globally across the combined group as a result of the merger, which translates to around 3 percent of the total combined group workforce.
This follows previously announced approvals from regulators including the United States Federal Trade Commission, Brazil’s competition authority CADE, the European Commission, the Australian Competition and Consumer Commission and Australia’s Foreign Investment Review Board.
The merger is scheduled to be completed by early 2016 and is the largest of the past decade and the third biggest oil and gas deal ever by enterprise value.
Shell’s merger with BG will bring the energy major assets in Brazil, East Africa, Australia, Kazakhstan and Egypt.
The deal is expected to help Shell compete better with the world’s top oil major, ExxonMobil.
Shell also confirmed it currently expects an overall potential reduction of approximately 2,800 roles globally across the combined group as a result of the merger, which translates to around 3 percent of the total combined group workforce.
This follows previously announced approvals from regulators including the United States Federal Trade Commission, Brazil’s competition authority CADE, the European Commission, the Australian Competition and Consumer Commission and Australia’s Foreign Investment Review Board.
The merger is scheduled to be completed by early 2016 and is the largest of the past decade and the third biggest oil and gas deal ever by enterprise value.
Shell’s merger with BG will bring the energy major assets in Brazil, East Africa, Australia, Kazakhstan and Egypt.
