UK court gives green light to Shell-BG deal

The High Court of Justice in England and Wales has on Thursday approved the multi-billion merger between Shell and BG Group.

The court has sanctioned the scheme of arrangement “under Part 26 of the Companies Act 2006  by which the recommended cash and share offer made by Royal Dutch Shell for the entire issued and to be issued share capital of BG is being implemented,” BG said in a statement.

BG and Shell’ shareholders approved the multi-billion merger that will create the world’s largest LNG company in January. This is Shell’s biggest ever acquisition and the largest oil and gas deal since Exxon bought Mobil in 1999.

“It is expected that the effective date of the Scheme will be Monday 15 February, which is when the Court Order is expected to be delivered to the Registrar of Companies,” BG said in the statement.

Trading in BG shares on the London Stock Exchange’s main market for listed securities and the listing of the shares will each be suspended with effect from 6.00 p.m. (UK time) tomorrow, 12 February.

“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,” the statement added.