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Shell has agreed to buy the UK’s BG Group in a $70bn deal, the first megamerger of the new lower oil price era.
Anglo-Dutch major Shell and UK firm BG on 8 April announced that Shell would pay £47bn ($70.2) for its smaller rival in a deal agreed by both firms. This values BG at a 50% premium to its closing share price on 7 April. The deal adds some 25% to Shell’s proved oil and gas reserves and 20% to production, according to the two firms’ announcement.
However the assets of BG – formerly British Gas – are almost two-thirds gas on an oil equivalent basis, though this share has been falling in recent years.
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