Court approves Shell-BG merger
UK’s BG Group has informed that the High Court of Justice in England and Wales has today sanctioned the scheme of arrangement by which the recommended cash and share offer made by Royal Dutch Shell plc to take over BG is being implemented.
According to BG Group, it is expected that the effective date of the scheme will be Monday February 15, 2016, which is when the court order is expected to be delivered to the registrar of companies.
Trading in BG shares on the London Stock Exchange’s main market for listed securities and the listing of BG Shares on the premium listing segment of the Official List of the UK Listing Authority will each be suspended with effect from 6.00 p.m. (UK time) tomorrow, February 12, 2016.
The delisting of BG Shares from the premium listing segment of the Official List of the UK Listing Authority and the cancellation of the admission to trading of BG Shares on the London Stock Exchange’s main market for listed securities have been applied for and, subject to the Scheme becoming effective, are expected to take effect at 8.00 a.m. (UK time) on 15 February 2016.
BG’s Chief Executive, Helge Lund said: “I am delighted that the Combination has been sanctioned today. I would like to thank our shareholders and they will continue to benefit from BG’s assets and capabilities as part of the combined business, which I am confident has a strong future. I would also like to thank all of our employees, and contractors, both personally and on behalf of the Board for their service to BG. They should feel proud of what they have achieved with the company.”