World’s largest sovereign wealth fund to vote in favor of Shell-BG merger
Norges Bank Investment Management, a part of Norway’s central bank Norges Bank, responsible for the management of the country’s $825 billion sovereign wealth fund, will vote for the proposed Shell-BG Group merger.
The world’s largest sovereign wealth fund, owning shares in both energy companies, on Wednesday said it would vote in favor of the merger at the companies’ upcoming shareholder’s meetings on January 27, and January 28, respectively.
“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,” NBIM said on Wednesday.
According to Reuters, the fund is Shell’s fifth-biggest stockholder with a stake of 2.46 percent and BG’s second-biggest investor with a share of 3.73 percent.
However, not all stakeholders will vote in favor of Shell’s takeover of BG. To remind, Standard Life Investment, one of Shell’s shareholder, said last week it would vote against the merger at the upcoming shareholders’ meeting saying that the proposed terms of the acquisition of BG are value destructive for Shell shareholders.
Offshore Energy Today Staff