Norwegian fund backs Shell-BG deal

Norges Bank Investment Management, responsible for the management of Norway’s $785 billion sovereign wealth fund, said it will vote in favour of the proposed merger between Shell and BG Group.

The world’s largest investment fund, which owns shares in both Shell and BG, said on Wednesday it will back the merger on both shareholders meetings scheduled to take place on January 27 and 28.

“Norges Bank Investment Management considers that the transaction accelerates value for BG Group PLC shareholders and is in the best long-term interest of Royal Dutch Shell PLC shareholders,” Norges Bank Investment Management infromed in a statement issued on Wednesday.

According to a report by Reuters, the fund is Shell’s fifth-biggest investor with a stake of 2.46 percent and BG’s second-biggest investor with a stake of 3.73 percent.

LNG World News Staff