Shareholders to vote on Shell-BG deal on Jan 27-28
Shell and BG shareholder meetings to approve the $70 billion combination are expected to take place on January 27 and 28.
“Following satisfaction of the final precondition to the recommended combination and with the unanimous approval of both boards, BG is today seeking the approval of the High Court to publish its scheme document and convene the related shareholder meetings,” the two companies said in a statement on Monday.
Following High Court approval, the scheme document is expected to be published on December 22. Subject to approval of the UK Listing Authority, the Shell shareholder circular and prospectus are expected to be published at the same time as the scheme document, the statement said.
The Chinese ministry of commerce last week granted unconditional approval of the Shell-BG Group combination. The approval was the final regulatory clearance necessary for the merger, proposed in April, to go ahead.
Gas and oil giant Shell said it expects a reduction of about 2,800 jobs after completion of the proposed merger with BG. This would represent approximately 3 percent of the total combined group workforce should the $70 billion takeover proceed.
LNG World News Staff