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Anglo-Dutch major Shell’s $70bn takeover of UK firm BG was given the green light this week as both firms’ shareholders voted overwhelmingly in favor of the deal. On 28 January, 99% of BG shareholders voted to approve the deal, while a day earlier 83% of Shell’s shareholders voted the same way.
The merger, which was announced in April last year (MEES, 10 April 2015), will be finalized on 15 February almost 20 years since BG was formed. The new combined company is due to overtake US-firm Chevron as the world’s second-largest publicly traded oil and gas company, behind only ExxonMobil.
Shell plans to cut thousands of jobs and sell off tens of billions worth of assets once the integration is complete as it looks to deal with the low oil-price climate. (CONTINUED - 127 WORDS)